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Business News/ Markets / Stock Markets/  Esconet Technologies share price lists with stellar 245 % premium over the issue price, at 290 a piece on the NSE SME
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Esconet Technologies share price lists with stellar 245 % premium over the issue price, at ₹290 a piece on the NSE SME

Esconet Technologies share price listed with stellar 245% premium over the issue price, at ₹290 a piece. The GMP at ₹100 per share, had indicated towards strong listing at 119.05% premium. The IPO that opened for subscription on February 16 and closed on February 20 was subscribed 507.24 times

Esconet Technologies share price saw a stellar start listed at 245% premium over the issue pricePremium
Esconet Technologies share price saw a stellar start listed at 245% premium over the issue price

Esconet Technologies share price saw a stellar debut, listing at 290 on the NSE SME, a 245% premium over the issue price.

Esconet Technologies IPO that opened for subscription on February 16 and closed on February 20 , had received a strong response from the investors. The Esconet Technologies IPO was subscribed 507.24 times. The public issue was subscribed 553.02 times in the retail category, 156.02 times in QIB, and 868.05 times in the NII category by February 20, 2024.

Esconet Technologies IPO GMP or grey market premium stood at   100 per share, as per investorgain.com . This indicates that Esconet Technologies shares was trading at a robust premium of 119.05% in the grey market as compared to its IPO price of 84 per share. The grey market premium also indicated the  the street was expecting strong listing of share at 184 a piece.

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Esconet Technologies is raising 28.22 crore from the IPO that is entirely a fresh issue of 33.6 lakh equity shares. The company proposes to utilise the fresh issue proceeds towards working capital requirements, investment in Wholly Owned Subsidiary, viz. Zeacloud Services Private Limited, to fund its capital expenditure expenses, and general corporate expenses.

Esconet Technologies reported a net profit of 3.04 crore in the financial year ending March 2023. Its revenue for FY23 was 96.90 crore.

For the period ending September 2023, the company posted a net profit of 3.05 crore upon a revenue of 71.46 crore.

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Esconet Technologies provides high-end supercomputing solutions, and data center facilities that include storage servers, network security, virtualization, and data protection. Santosh Kumar Agrawal and Sunil Kumar Agrawal are the promoters of the company.

Corporate Capital Ventures Pvt Ltd were the book running lead manager of the Esconet Technologies IPO, while Skyline Financial Services Private Ltd was the IPO registrar.

The allotment for Esconet Technologies IPO was finalized on Wednesday, February 21, 2024

 

 

 

 

 

 

 

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ABOUT THE AUTHOR
Ujjval Jauhari
Ujjval Jauhari is a deputy editor at Mint, with over a decade of experience in newspapers and digital news platforms. He is skilled in storytelling, reporting, analysing and writing about stocks, investment ideas, markets, corporates and more. He is based in New Delhi.
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Published: 23 Feb 2024, 10:04 AM IST
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