HRH Next Services IPO: Check subscription status on day 3, GMP and other details

HRH Next Services launched its initial public offering (IPO) to raise  ₹9.57 crore. The issue opened for subscription on December 27, 2023 and closed on December 29, 2023.

HRH Next Services IPO subscription status

The issue witnessed a good response from investors and was subscribed 66.29 times on the final day of bidding on December 29. It had received bids for 16,72,50,000 shares as against 25,23,000 on offer.

The retail portion of the SME IPO was subscribed 63.61 times, followed by Non Institutional Investors (NII) quota was subscribed 66.91.

The issue was subscribed 2.98 times on the opening day, with retail portion being booked 4.28. On the second day, the IPO was subscribed 10.86 times, retail quota booked 17.33.

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HRH Next Services IPO GMP today

The grey market premium (GMP) of the public offer rose to ₹8 per share on December 29 from ₹0 per share yesterday. According to data available on Chittorgarh, the listing price of the issue is expected to be ₹44 per share, which is 22.22% higher than the issue price.

However, one must note that grey market premium is only an indicator of how the company's shares are performing in the unlisted market and can change quickly.

HRH Next Services IPO details

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 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.

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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 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.