Stock listed at Rs290/- on NSE Emerge
FinTech BizNews Service
Mumbai, February 23, 2024: Esconet Technologies Limited (The Company), a leading homegrown integrated IT solutions company, today made a stellar debut on the NSE Emerge platform. The company’s stock was listed at Rs. 290/-, a whopping 245% premium over the fixed price band of Rs. 84/-. The IPO, which opened for subscription on Friday, February 16, received an overwhelming response from the investors, recording 507 times subscriptions till the final day of bidding on February 20, garnering bids amounting to over Rs. 9,500 crore.
The IPO comprised a fresh issue of 33.6 lakh Equity Shares with a face value of Rs. 10/- through the book-building route. Corporate Capital Ventures Private Limited is the Book Running Lead Manager to the issue.
The Qualified Institutional Buyer (QIB) portion of the issue was subscribed 156 times, the HNI/NII quota was subscribed 868 times and the Retail Individual Investors (RII) quota was subscribed 553 times, bringing the overall subscription to 507 times till the final day of bidding on Tuesday, February 20, 2024.
Esconet Technologies proposes to utilize Rs. 16 crore of the IPO proceeds towards funding its long-term working capital requirements, besides investing Rs. 2.5 crore in its wholly-owned subsidiary, ZeaCloud Services Private Limited, to reinforce its infrastructure by acquiring additional hardware and software, with a goal of bolstering capacity, elevating security measures, and enhancing overall monitoring capabilities.
Founded in 2012 by second-generation entrepreneurs Santosh Kumar Agrawal and Sunil Kumar Agrawal, Esconet has been forging fruitful partnerships to deliver innovative and resilient IT solutions. The company counts renowned global technology firms - AMD, Amazon Web Services, Cisco, Dell Technologies, HP Enterprises, Intel, Microsoft, Nutanix, NVIDIA, Sophos, Suse One, Trend Micro, and Veeam, among its technology partners. Its prestigious clientele includes the Ministry of Defence, National Informatics Centre (MeitY), National Informatics Centre Services Inc (MeitY), IIT, Bharat Electronics Limited, ONGC, Engineers India Limited and many others.
