Esconet Technologies IPO: The issue has been subscribed 4.4 times on the first day so far; Check GMP and other important details of SME IPO

Esconet Technologies IPO: The bidding for the initial public offering (IPO) of Esconet Technologies began today, February 16, and the issue was heavily oversubscribed within hours of opening.

The Esconet Technologies IPO is an SME IPO and a book-built offering ₹28.22 crore which ends on February 20.

Esconet Technologies is a provider of high-end supercomputing solutions and data center facilities that include storage servers, network security, virtualization and data protection.

The SME IPO received a strong response from investors. Let's check Esconet Technologies IPO subscription status, GMP and other important details:

Esconet Technologies IPO Subscription Status

Esconet Technologies' IPO has been subscribed a total of 4.45 times so far on Friday, the first day of the bidding process. According to data available till 2:25 pm, bids were received for 99.29 lakh shares, compared to the IPO size of 22.30 lakh shares.

The public issue so far received 8.05 times subscription in the Retail category, 0.01 times in the Qualified Institutional Buyer (QIB) category and 1.99 times subscription in the Non-Institutional Investors” (NII).

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Esconet Technologies IPO GMP today

Esconet Technologies shares are fetching a healthy premium on the gray market today. Esconet Technologies IPO GMP today, or gray market premium today, has risen to ₹53 per share, according to market observers. This suggests that Esconet Technologies shares are trading at a premium of 63.1% ₹137 per piece in the gray market compared to the IPO price of ₹84 per share.

Esconet Technologies IPO details

The Esconet Technologies IPO opened for subscription today, February 16th and closes on Tuesday, February 20th. The allotment of the SME IPO is expected to be completed on February 21.

Esconet Technologies' IPO price range is ₹80 tonnes ₹84 per share. The lot size of the IPO is 1,600 shares and the minimum investment amount required from private investors is ₹134,400.

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The company is planning an increase ₹28.22 crore from the IPO, which is entirely a fresh issue of shares worth ₹33.6 lakh.

Esconet Technologies IPO will be listed on NSE SME. The preliminary IPO is February 23rd.

The Company proposes to utilize the proceeds from the fresh issue for working capital requirements and investments in a wholly owned subsidiary i.e. Zeacloud Services Private Limited to fund its capital expenditure and general corporate expenses.

Corporate Capitalventures Pvt Ltd is the book running lead manager of the IPO of Esconet Technologies while Skyline Financial Services Private Ltd is the IPO registrar.

Esconet Technologies reported net income of ₹3.04 crore in the financial year ended March 2023. Revenue for the fiscal year was 23 ₹96.90 crore.

For the period ending September 2023, the company recorded a net profit of ₹3.05 crore with a turnover of ₹71.46 crore.

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