Esconet Technologies IPO closes tomorrow: Should you subscribe? Details

Esconet Technologies IPO: The initial public offer of Esconet Technologies will close tomorrow (February 20). Through the issue, the company aims to raise ₹28 crore and list the shares on NSE SME. Founded in 2012, the company covers a wide range of IT requirements- supercomputing solutions, data centre facilities, storage servers, network security, virtualization as well as data protection.
The IPO includes an entirely fresh equity issue of 33.6 lakh shares through which the company aims to raise ₹28 crore.
The company is offering its shares at ₹80-84 apiece. Investors can bid for 1,600 shares in 1 lot.
For the period ending September 2023, the company’s revenue stood at ₹71.4 crore while its net profit of ₹3.05 crore.
The net proceeds from the public offer will be used for working capital requirements and general corporate purposes, the company said.
Corporate Capital Ventures is the lead manager and Skyline Financial Services is the registrar of the issue.
Almost 50% of the offer is reserved for qualified institutional buyers. Retail investors get 35% and the rest 15% is for non-institutional investors.
The final allotment is likely be made on February 21.
The company’s shares may get listed on February 23.h