Esconet Technologies IPO GMP, Latest Subscription Status, Other Details

Esconet Technologies IPO will close for bidding today. The IPO consists of an entirely fresh equity issue of 33.6 lakh shares, the Esconet Technologies IPO price band is set at ₹80-84 per share.

Esconet Technologies IPO Subscription Status

As of 10:22 am on February 20, the final day of the bidding process, the IPO has been subscribed 107.22 times, receiving bids for 23.91 crore equity shares against the IPO size of 22.30 lakh shares. The retail category has been subscribed 165.37 times, while the Qualified Institutional Buyer (QIB) category saw a subscription of 1.46 times, and the Non-Institutional Investors (NII) category subscribed 112.45 times.

Esconet Technologies IPO GMP

Esconet Technologies shares are currently trading at a premium in the grey market, with a grey market premium (GMP) of ₹83 per share, indicating a premium of 98.81% compared to its IPO price of ₹84 per share.  It’s important to note that while IPO GMPs can offer a glimpse into market sentiment regarding an IPO, they shouldn’t be the sole determinant of the stock’s performance upon listing.

See Also: India Reigns Supreme In Global IPO Scene For 2023, EY Report Reveals

Esconet Technologies IPO Details

The company intends to utilize the proceeds from the fresh issue for various purposes, including working capital requirements, investment in its Wholly Owned Subsidiary Zeacloud Services Private Limited, funding capital expenditure, and general corporate expenses.

Established in 2012, Esconet Technologies offers a range of high-end supercomputing solutions and data center facilities, encompassing storage servers, network security, virtualization, and data protection. Their diverse product portfolio includes servers, graphics workstations, comprehensive data storage solutions, virtualization software, backup and disaster recovery solutions, network security tools, email communication systems, databases with high availability, and log management and analytics software.

Read Next: Pakistan's Entire GDP Now Stands $20B Below Tata Group's Market Cap

Loading...
Loading...
Market News and Data brought to you by Benzinga APIs

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: NewsIPOsEsconet Technologies