SME stock Kore Digital listed at ₹201, a premium of 11.6 percent from its issue price of ₹180 on NSE. In intra-day deals, the stock rose as much as 16.6 percent from its issue price to ₹210.
The initial public offering was opened for subscription between June 2-7. The company's shares got listed on the NSE Emerge platform.
The IPO was completely a fresh issue of up to 10 lakh equity shares of face value ₹10 each. The price was decided at ₹180 and the company was planning to raise about ₹18 crore from this offer.
The net proceeds from the issue will be utilised to meet the working capital requirements, investment in the strategic acquisition and other general corporate expenses.
The IPO was subscribed 39.46 times overall with the non-institutional bidders (NII) portion subscribed 44.86 times and the retail portion 33.26 times.
The company has received bids for 49,74,400 shares against 10,00,000 shares on offer.
The issue's book-running lead manager was First Overseas Capital, and Bigshare Services was the registrar.
Kore Digital was set up with the intention of offering top-notch communication solutions to business and telecom network operators. In Maharashtra, the company is a rising passive telecom infrastructure provider, specialising in the installation and commissioning of poles, towers, and optical fibre cable systems.
The company posted a revenue of ₹11.9 crore and a net profit of ₹ ₹3.3 crore for the nine months that ended in December 2022.
SME-IPO stands for Small and Medium Enterprise Initial Public Offering (IPO). It refers to the trading or exchange of shares in small and medium-sized businesses. SMEs are enterprises with sales, assets, or workers less than a certain threshold. The definition of a small business depends on the sector in which the enterprise operates.
