Esconet Technologies stock makes a great debut; INRNSE SME at $290, a 245% premium on the issue price.
Esconet Technologies’ IPO, which opened on February 16 and closed on February 20, received a strong response from investors. Esconet Technologies’ IPO was oversubscribed 507.24 times. This public issue has been subscribed 553.02 times in Retail sector, 156.02 times in QIB and 868.05 times in NII sector till February 20, 2024.
The GMP or gray market premium for Esconet Technologies IPO is INR100 per share, according to investorgain.com. This shows that Esconet Technologies’ stock is trading at a high premium of 119.05% in the gray market compared to its IPO price. INR84 shares per share. The gray market premium also indicated that the market expected the stock to go public in 2020. INR184 pieces per piece.
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Sourced by Esconet Technologies INRThe IPO, which is entirely a new issue of 33.6 million shares, will raise 282.2 billion yen. The company proposes to utilize the newly issued funds for working capital requirements, i.e. investments in wholly-owned subsidiaries. Zeacloud Services Private Limited provides funding for capital expenditures and general company expenses.
Esconet Technologies reported net income as follows: INR3.04 billion for the fiscal year ending March 2023. Revenue for fiscal year 2023 is INR96.9 billion.
The company posted a net profit in the fiscal year ending September 2023. INR3.05 billion revenue INR71.46 billion.
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Esconet Technologies provides high-end supercomputing solutions and data center facilities including storage servers, network security, virtualization, and data protection. Santosh Kumar Agrawal and Sunil Kumar Agrawal are the promoters of the company.
Corporate Capital Ventures Pvt Ltd acted as lead manager for the Esconet Technologies IPO and Skyline Financial Services Private Ltd was the IPO registrar.
Esconet Technologies IPO allocation completed on Wednesday, February 21, 2024
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