Service Care shares listed on the NSE SME exchange at a premium on Wednesday but failed to sustain gains. The stock was listed at ₹70.90 per share, 5.8 percent higher than the issue price of ₹67 on the NSE SME exchange. Post listing, Service Care share price was locked at 5% lower circuit at ₹67.35.
The Service Care IPO is a small- and medium-sized enterprise IPO that consists of a fresh equity issue of up to 30.86 lakh shares for a maximum of ₹20.68 crore. The company has set the price band for the offering at ₹63-67 per share.
The company plans to use the offering proceeds for general corporate purposes and additional working capital requirements.
With regard to the offer, Service Care set aside around 50% for qualified institutional buyers (QIB), 15% for non-institutional investors (NII), and the remaining 35% for retail investors.
The lead manager to the issue is Swastika Investmart.
Service Care Ltd provides integrated services for managing payrolls and facilities. It provides services to customers across a range of industries, including engineering, education, manufacturing, infrastructure, government & banking, information technology, and healthcare.
The company reported revenue of ₹132.17 crore and net profit of ₹3.02 crore for the period ending January 2023.
