Vibrant IPO of Technovision: Issue oversubscribed on second day led by retail investors, NIIs; Check GMP

Brisk Technovision's IPO opened for subscription on Tuesday, January 23rd and closes on Thursday, January 25th. Brisk Technovision's IPO dates were postponed by a day as the stock market remained closed on Monday due to a holiday in the country due to the inauguration of the Ram temple in the northern city of Ayodhya.

The price range for Brisk Technovision's IPO has been set at ₹156 each. The lot size of Brisk Technovision's IPO consists of 800 shares. Investors can bid for at least 800 shares and multiples thereof. The issue price is 15.6 times the nominal value ₹10.

The Red Herring Prospectus (RHP) states that the company's business is to provide information technology solutions to corporate customers.

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The Company's primary business is to provide Indian corporate customers with a range of third-party hardware products, including servers, desktops, laptops and personal computers, as well as third-party software.

They also offer other services such as data center planning, deployment and installation. corporate network management; email management; system integration; and annual maintenance contracts (AMC) for managed services, monitoring, and hardware and system maintenance.

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In the last three financial years, the company has begun to focus on expanding its range of services. Currently, Maharashtra is the company's main base (both in terms of sales of goods and services).

According to RHP, there are no listed companies operating in a similar line of business as the company.

Between the financial year ended March 31, 2023 and March 31, 2022, Brisk Technovision Limited's revenue decreased by -16.64%, but profit after tax (PAT) increased by 81.58%.

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Brisk Technovision IPO details

Brisk Technovision's IPO comprises an Offer for Sale (OFS) of 8,00,000 equity shares by the aggregate selling shareholders ₹12.40 crore. Sankarnarayanan Ramasubramanian and Ganapati Chittaranjan Kenkare are the promoter selling shareholders. You would sell 4,00,000 shares worth ₹6.24 crore each.

Post the issue, the promoter will hold 59.99% of the shares as against 99.99% before the issue.

The underwriter of Brisk Technovision's IPO is Sun Capital Advisory Services (P) Ltd and the registrar of the issue is Kfin Technologies Limited. Nnm Securities is the market maker for Brisk Technovision's IPO.

Tentatively, the allotment base for Brisk Technovision's IPO will be completed on Monday, January 29 and the company will issue refunds on Tuesday, January 30 while shares will be deposited into the demat account on the same day after refund be credited to the allottee. Brisk Technovision share price is expected to list on the BSE SME on Wednesday, January 31.

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Brisk Technovision IPO Subscription Status

The subscription status of Brisk Technovision IPO stands at 4.11 on the second day. The issue received positive response from retail investors whose share was subscribed 6.21 times and non-institutional buyers whose share was subscribed 2.01 times, as per data available on chittorgarh.com.

According to chittorgarh.com, the company has received offers for 31,23,200 shares against 7,60,000 shares offered.

The subscription status for Brisk Technovision's IPO was 1.63x on the first day.

Brisk Technovision IPO GMP today

Brisk Technovision IPO GMP or gray market premium was ₹0, which meant the shares traded at their issue price of ₹156 without any premium or discount on the gray market according to investorgain.com

“Gray market premium” indicates investors’ willingness to pay more than the issue price.

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Disclaimer: The above views and recommendations are those of individual analysts, experts and brokerage firms, not Mint. We recommend investors consult certified experts before making an investment decision.

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