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Business News/ Markets / Ipo/  Brisk Technovision IPO: Issue oversubscribed on day 3 led by retail investors, NIIs; GMP rises
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Brisk Technovision IPO: Issue oversubscribed on day 3 led by retail investors, NIIs; GMP rises

Brisk Technovision IPO opens for subscription on January 23 and will close on January 25, with a price band set at ₹156 per share. Brisk Technovision IPO dates rescheduled by a day due to a public holiday celebrating the inauguration of the Ram Temple.

Brisk Technovision IPO has opened for subscription on Tuesday, January 23, and will close on Thursday, January 25. (company's website)Premium
Brisk Technovision IPO has opened for subscription on Tuesday, January 23, and will close on Thursday, January 25. (company's website)

Brisk Technovision IPO has opened for subscription on Tuesday, January 23, and will close on Thursday, January 25. Brisk Technovision IPO dates has been rescheduled by a day as the equity market remained closed on Monday on account of a public holiday in the country celebrating the inauguration of the Ram Temple in the northern city of Ayodhya.

Brisk Technovision IPO price band has been set at 156 apiece. Brisk Technovision IPO lot size consists of 800 shares. Investors can bid for a minimum of 800 shares and in multiples thereof. The issue price is 15.6 times the face value of 10.

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

Also Read: Addictive Learning Technology IPO: Check GMP, subscription status on day 2, key dates, other details

Offering a range of third-party hardware goods, including servers, desktops, laptops, and personal computers, together with third-party software, to Indian corporate clients is the company's main line of business.

In addition, they provide other services like data centre design, supply, and installation; enterprise networking management; email management; system integration; and annual maintenance contracts (AMC) for managed services, monitoring, and hardware and system maintenance.

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The company has started to concentrate on expanding the range of services it offers throughout the past three fiscal years. Currently, Maharashtra is where the business is mostly located (both in terms of sales of goods and services).

As per the RHP, there are no listed companies which are engaged in similar line of business to that of the company.

Between the fiscal year ending on March 31, 2023, and March 31, 2022, Brisk Technovision Limited's revenue fell by -16.64% but its profit after tax (PAT) increased by 81.58%.

Also Read: Konstelec Engineers IPO: Check GMP, subscription status on day 2, review, other key details

Brisk Technovision IPO detail

Brisk Technovision IPO comprises of an offer-for-sale (OFS) of 8,00,000 equity shares by the selling shareholders aggregating to 12.40 crore. Sankarnarayanan Ramasubramanian and Ganapati Chittaranjan Kenkare are the promoter selling shareholders. They would be selling 4,00,000 equity shares at a value of 6.24 crore apiece.

Post-issue, the promoter will hold 59.99% of the shares, down from 99.99% pre-issue.

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

Tentatively, Brisk Technovision IPO basis of allotment of shares will be finalised on Monday, January 29, and the company will initiate refunds on Tuesday, January 30, while the shares will be credited to the demat account of allottees on the same day following refund. Brisk Technovision share price is likely to be listed on BSE SME on Wednesday, January 31.

Also Read: EPACK Durable IPO: Check out 10 key things to know from RHP before investing

Brisk Technovision IPO subscription status 

Brisk Technovision IPO subscription status is 47.10 times on day 3. The issue received positive response from retail investors who's portion set was subscribed 35.87 times, and non-institutional buyers who's portion was subscribed 58.14 times, as per data available on chittorgarh.com. 

The company has received bids for 3,57,96,800 shares against 7,60,000 shares on offer, according to data on chittorgarh.com.

Brisk Technovision IPO subscription status was 1.63 times on day 1, and the issue was subscribed 4.11 times on day 2.

Brisk Technovision IPO GMP today

Brisk Technovision IPO GMP or grey market premium is +35. In today's session, the GMP has shot up from the last eight sessions, where the GMP was 0, which meant shares were trading at their issue price of 156 with no premium or discount in the grey market. 

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Brisk Technovision share price was indicated at 191 apiece, which is 22.44% higher than the IPO price of 156.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: Nova Agritech IPO: Issue fully subscribed as day 1 sees rush from NIIs, retail investors; GMP steady

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

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Published: 23 Jan 2024, 03:20 PM IST
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