The scrip was listed at Rs 290, a premium of 245.24% compared with the initial public offer (IPO) price. The stock is currently frozen at its lower limit of 5% over its listing price.
The counter hit a high of Rs 294.95 and a low of Rs 275.50. About 12.44 lakh shares of the company changed hands at the counter.
Esconet Technologies' IPO was subscribed 337.45 times. The issue opened for bidding on 16 February 2024 and it closed on 20 February 2024. The price band of the IPO was set at Rs 80 to 84 per share.
The IPO comprised fresh issue of 33,60,000 shares. The promoter and promoter shareholding diluted to 64.94% from 89.18% pre-IPO.
The company intends to utilise net proceeds for working capital requirements of the company, investment in wholly owned subsidiary company, zeacloud Services, to fund its capital expenditure expenses and for general corporate purposes.
Ahead of the IPO, Esconet Technologies on 15 February 2024, raised Rs 80.10 crore from anchor investors. The board allotted 9.53 lakh shares at Rs 84 per share to four anchor investors.
Esconet Technologies provides a robust suit server solution meticulously crafted to cater to the diverse and evolving needs of enterprises. These solutions encompass cutting-edge hardware configurations, seamless networking, and secure storage options, providing a reliable foundation for businesses to build upon. The company has wide range of system integration services that involves total IT solutions including hardware, network and software implementations. As on 30 November 2023, the company has 47 employees.
The company recorded revenue from operations of Rs 71.41 crore and net profit of Rs 3.05 crore for the period as on 30 September 2023.