Esconet Technologies Limited IPO: GMP is growing rapidly before coming into the market, know the details before investing money
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Esconet Technologies Limited IPO: The initial public offering (IPO) of Rs 28.22 crore of Aseconet Technologies, a company providing services like information technology infrastructure, cloud computing, network security, will open on 16 February. The company said that the price range for this has been fixed at Rs 80-84 per share. Asconet will use Rs 16 crore of the IPO proceeds to meet long-term working capital needs. Apart from this, it will invest Rs 2.5 crore in its wholly owned subsidiary GCloud Services Private Limited to acquire additional hardware and software. Under the issue, 33,60,000 new equity shares of face value Rs 10 have been placed. The issue for large (anchor) investors will open on 15 February. This IPO will close on 20 February. The company is expected to raise Rs 28.22 crore at the higher price level of the IPO.
What is gray market price
Even before the applications for IPO of Aseconet Technologies has started, the movement in the gray market has started. According to Share Market Observer, the gray market premium on Asconet Technologies IPO today is ₹26 per share. This indicates that the company’s shares may list at a 30.95% premium to the issue price of ₹110 per share in the gray market. The company is likely to be listed on the National Stock Exchange on February 23.
How is the company’s performance?
Asconet Technologies has made a net profit of ₹3.04 crore in the financial year ending March 2023. Its total revenue in the financial year 2022-23 was ₹ 96.90 crore. The company earned a net profit of ₹3.05 crore on revenue of ₹71.46 crore for the quarter ending September 2024. The company proposes to use the fresh issue proceeds for working capital requirements, investment in a wholly owned subsidiary etc. ZCloud Services Pvt. Ltd. is scheduled to fund its capital expenditure expenditure and general corporate expenses.
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