NSE SME IPO Esconet Technologies subscribed 6.11 times

Published on Feb 16, 2024 17:02

The initial public offer (IPO) of Esconet Technologies a received bids for 2,05,45,600 shares as against 33,60,000 shares on offer, as per NSE data as of 17:00 hours on Friday, (16 February 2024). The issue was subscribed 6.11 times.

The issue opened for bidding on Friday (16 February 2024) and it will closed on Tuesday, (20 February 2024). The price band of the IPO is fixed at Rs 80 to 84 per share. The minimum order quantity is 1,600 equity shares. The equity shares will list on NSE`s SME platform.

The IPO comprises fresh issue of 33,60,000 shares. The promoter and promoter shareholding will dilute to 64.94% from 89.18% pre-IPO.

About 1,76,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 31,84,000 equity shares. The issue and the net issue will constitute 27.18% and 25.76% respectively of the post offer paid up equity share capital of the company.

The company intends to utilize net proceeds for working capital requirements of the company, investment in wholly owned subsidiary company, zeacloud Services, to fund its capital expenditure expenses and for general corporate purposes.

Ahead of the IPO, Esconet Technologies on Thrusday, 15 February 2024, raised Rs 80.10 crore from anchor investors. The board allotted 9.53 lakh shares at Rs 84 per share to 4 anchor investor.

Esconet Technologies provides a robust suit server solution meticulously crafted to cater to the diverse and evolving needs of enterprises. These solutions encompass cutting-edge hardware configurations, seamless networking, and secure storage options, providing a reliable foundation for businesses to build upon. The company has wide range of system integration services that involves total IT solutions including hardware, network and software implementations. As on 30 November 2023, the company has 47 employees.

The company recorded revenue from operations of Rs 71.41 crore and net profit of Rs 3.05 crore for the period as on 30 September 2023.