Leading IT services and solutions provider Synoptics Technologies has fixed the issue price at Rs 237 for its initial public offering (IPO).
The subscription of IPO is scheduled to open on June 30 and close on July 5. The shares of the company will be listed on NSE Emerge on July 13, a platform for small and medium enterprises, the company said in a statement.
The Mumbai-based company is looking to raise Rs 54 crore through its initial share sale. The share sale comprises a fresh issue of 1,480,00 equity shares and an Offer for Sale (OFS) of 8 lakh equity shares.
Proceeds from the IPO will be utilised to support the company's working capital requirements, acquisitions of businesses in similar or complementary areas, general corporate purposes and meeting its issue expenses.
"The IPO will provide the company with the necessary financial resources to fuel its growth, expand its market presence, and capitalize on emerging opportunities in the IT services sector," it said in a statement. Analyst Dilip Davda has recommended applying for the issue while underlining the potential for long-term gains.
Incorporated in 2008, the company specialises in providing comprehensive IT infrastructure solutions. Its clients list include big names like BSNL, Aditya Birla Group, State Bank of India, among others. It recently signed an agreement with BSNL, positioning itself as the authorised Private LTE/5G service partner nationwide.
The IPO pricing indicates an attractive valuation. The company is seeking a market capitalisation of approximately Rs 200.98 crore based on this.
The firm aims to utilize the net proceeds from the IPO for several strategic purposes. These include repayment of certain borrowings, funding additional working capital requirements and others.
