HRH Next Services IPO: Check out price band, date, size and other important details

HRH Next Services is all set to launch its initial public offering (IPO) to raise  ₹9.57 crore. The issue will open for subscription on December 27, 2023 and closes on December 29, 2023.

It is a fixed price issue of  ₹9.57 crores and is entirely a fresh issue of 26.58 lakh shares.

The company has set the price band for its upcoming issue at ₹36 per share. The minimum lot size for an application is 3000 shares and the minimum amount of investment required by retail investors is ₹108,000. The minimum lot size investment for HNI is 2 lots (6,000 shares) amounting to ₹216,000.

The allotment for the HRH Next Services IPO is expected to be finalized on Monday, January 1, 2024.The shares of  HRH Next Services IPO will list on NSE SME with tentative listing date fixed as Wednesday, January 3, 2024.

HRH Next Services Limited is a business process outsourcing service provider offering services such as chat support, backend support, voice support and email support. The company reported an increase in revenue by 15.73% and profit after tax (PAT) rose by 273.85% between the financial year ending with March 31, 2023 and March 31, 2022.

Finshore Management Services Limited is the book running lead manager of the issue, while Cameo Corporate Services Limited is the registrar. The market maker for HRH Next Services IPO is Nikunj Stock Brokers.

Around 50% of the issue is reserved for retail investors, while the other 50% is reserved for other investors.

The promoters of the company are Ankit Sanjay Shah, Parikshit Pankaj Shah and Tara Sanjay Shah. The current market cap of the company is ₹33.14 Cr and P/E is 6.42.

The company proposes to utilize the net proceeds for expansion of the services by launching two Call Centres, capital expenditure towards purchase of Computer Systems, to meet the working capital requirements, to meet the issue expenses and general corporate expenses.