1 month ago
Enfuse Solutions' initial public offering (IPO) received an overwhelming response from investors as it was subscribed over 357 times at close.
March 22, 2024 / 10:13 AM IST
The company has recorded standalone net profit at Rs 3.22 crore for the third quarter ended December FY24.
Digital solutions provider Enfuse Solutions made a strong debut on the NSE SME platform on March 22, listing at Rs 115, claiming a 19.8 percent premium over the issue price of Rs 96 per share.
The public issue of Enfuse Solutions received an overwhelming response from investors with over 357 times booking at close.
The grey market premium hovered around 40 percent, indicating a potential listing of around Rs 136 apiece.
The IPO of Enfuse Solutions was subscribed 248.42x in the retail category, 99.97x in the qualified institutional buyer (QIB) category, and 953.22x in the non-institutional investor (NII) category.
The Rs 22.44-crore IPO of Enfuse Solutions was entirely a fresh equity sale of 23.38 lakh shares. It plans to utilise the net issue proceeds to finance capital expenditure, general corporate purposes, and issue expenses.
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Enfuse Solutions provides integrated digital solutions in the areas of data management and analytics, e-commerce and digital services, machine learning and artificial intelligence, education, and technology solutions.
In data management and analytics, the focus is on analysing data to make informed decisions. The e-commerce and digital services company develops and optimises digital platforms for seamless online experiences, while the machine learning and AI segments offer innovative solutions.
The company has two delivery centres, one in Thane, and the second in Vikroli. The company generates revenue from its domestic business in India and exports services to countries such as the US, Ireland, Netherlands and Canada.
The company has recorded a standalone net profit of Rs 3.22 crore for the third quarter ended December FY24. The revenue from operations rose to Rs 28.05 crore.
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