Cogent E-Services Ltd has received the green light from capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The initial share sale will include a reissue of shares with a total value of up to Rs 150 crore and an offer to sell up to 94.68 lakh shares by promoters in accordance with the draft prospectus.
Cogent E-Services, which filed its IPO papers with Sebi in February, received observations on May 23, a regulator update showed on Monday.
In Sebi’s parlance, his observation implies that the company in question has received approval to go public.
According to the draft papers, Cogent E-Services could also consider a private placement of shares with a total value of up to Rs 30 crore. If such a pre-market placement is made, the volume of new issues will be reduced.
Funds raised from the reissue will be used to fund investments in IT assets for expansion and the company’s existing IT infrastructure, to support working capital needs and for general corporate purposes.
Cogent is an end-to-end customer experience or CX solution provider that offers omni-channel solutions along various customer interaction touchpoints, from customer sales and support to voice and non-voice channels, back office solutions and transformative services to digital marketing. The company’s customers are diversified across more than 10 industry verticals, including banking and financial services and e-commerce.
DAM Capital Advisors and IIFL Securities are the lead bookers of the offering.
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