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Business News/ Markets / Ipo/  Sattrix Information Security files draft papers with BSE SME for IPO, targets listing by mid-May

Sattrix Information Security files draft papers with BSE SME for IPO, targets listing by mid-May

The company plans to raise over 20 crore via initial public offerings (IPO).

Sattrix Information Security IPO

IT and cyber security solutions provider Sattrix Information Security, on May 3, said it has filed its Draft Red Herring Prospectus (DRHP) with the BSE SME. The company plans to raise over 20 crore via initial public offerings (IPO).

The offering is structured through a fixed-price method, with portions of the offer reserved for various investor categories covering Qualified institutional buyers (QIBs), Non-institutional investors (NIIs), and Retail individual investors (RIIs).

Also read: SK Finance files DRHP with SEBI to raise 2,200-crore via IPO; details here

“Filing the DRHP on BSE SME is a crucial step towards our goal of bringing our company to the public markets. It is a significant milestone for us, and we believe it will provide us with the necessary resources and exposure to achieve our long-term growth objectives and strengthen our market presence," said Sachhin Gajjaer, MD at Sattrix Information Security Limited.

The public offering consists entirely of a new equity sale comprising 18 lakh shares, with the company aiming to raise approximately 20 crore through this avenue. Over 50 per cent of the shares are reserved for retail investors, while the remaining 50 per cent will be allocated to non-retail investors.

Sattrix Information Security, with a significant footprint across the Middle East and the US alongside its operations in India, intends to utilize the raised capital to drive its expansion efforts. A portion of the net proceeds is earmarked for technological advancements, research, innovation, and the creation of new solutions. Moreover, a substantial segment will be allocated to bolstering the security operations center (SOC) and network operations center (NOC) infrastructure.

Also read: Aadhar Housing Finance IPO price band set at 300-315 per share; issue to open on May 8

Sattrix has experienced a strong 68 per cent year-on-year growth in the fiscal year 2023-24. Through partnerships with various government and non-government entities, the company has notably broadened its customer base over the past fiscal year. Alongside its robust IT and cybersecurity solutions, Sattrix has expanded its range of services to aid in the transformation of Technology and Operations within businesses.

Established in 2013, Sattrix Information Security Limited was founded with the aim of delivering information technology and cybersecurity solutions. With a workforce exceeding 141 employees, the company has forged partnerships with prominent firms across various sectors including Telecom, IT-ITES, BFSI, NBFC, and Retail, in addition to Small and Medium-sized Businesses (SMBs) and Conglomerates. Demonstrating its expertise, Sattrix has effectively executed over 500 projects for 200 clients across 12 nations, highlighting its capacity to provide holistic solutions.

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