Digital marketing company Enser Communications Ltd made a tepid debut on NSE Emerge on March 22, listing at Rs 72, or at a 2.9 percent premium over its issue price of Rs 70 per share. The company’s initial public offering (IPO) was subscribed 6.96X at close.
The Mumbai-based company’s IPO was subscribed 10.92x in the retail category and 3.38x in the non-institutional investor (NII) category. Qualified Institutional Buyers (QIB), however, did not subscribe to the issue.
Read More: Stocks To Watch: LIC, Muthoot Finance, Mazagon Dock, Reliance Power, Wipro, Jindal Saw, Just Dial
The Enser Communications IPO was a fixed price issue of Rs 16.17 crore. It was entirely a fresh issue of 23.1 lakh shares. The net proceeds of the issue will be spent on IT infrastructure, working capital requirements, general corporate purposes, and issue-related expenses.
Enser Communications IPO bidding started on March 15 and ended on March 19. The allotment for Enser Communications IPO was finalised on March 20.
Read More: Reddit IPO’s Wall Street debut: Social media stock makes roaring start, closing up nearly 50%
The minimum lot size for an application was 2,000 shares. The minimum amount of investment required by retail investors was Rs 140,000 and the minimum lot size investment for high net-worth individuals was 2 lots or 4,000 shares amounting to Rs 280,000.
Fast Track Finsec Pvt Ltd was the book-running lead manager of the Enser Communications IPO, while Skyline Financial Services Private Ltd was the registrar for the issue. The market maker for Enser Communications IPO was BN Rathi Securities.
Read More: Stock Market Updates: Sensex Down 200 Points, Nifty Below 22,000; IT Stocks Drag
Enser Communication’s net profit was at Rs 160.06 lakhs for the financial year ended March FY23, up from Rs 77.92 lakhs in the year-ago period. The total revenue of the company grew to Rs 2,590.97 lakhs, from Rs 1,686.47 lakhs a year ago.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
