Rox Hi-Tech Limited IPO Makes Impressive Debut on NSE SME

Rox Hi-Tech Limited IPO Makes Impressive Debut on NSE SME

VoM News Desk | November 16, 2023 | 10:28 AM IST | Breaking News | Follow on Google News

Rox Hi-Tech Limited IPO Makes Impressive Debut on NSE SME

Rox Hi-Tech Limited IPO Makes Impressive Debut on NSE SME

Rox Hi-Tech Limited, a customer-focused provider of IT solutions, marked its debut on the NSE SME with its share price opening at ₹135. This listing was 62.65% higher than its issue price of ₹83, making it an impressive entry into the market. The IPO’s price band was set between ₹80 to ₹83, offering investors an attractive entry point.

IPO Details and Lot Size

The IPO lot size for Rox Hi-Tech Limited allowed investors to bid for a minimum of 1,600 shares and in multiples thereof. The company, known for its range of IT solutions including managed print services, enterprise computing, and network services, launched its IPO as a book built issue worth ₹54.49 crore. This comprised a fresh issue of 60.18 lakh shares amounting to ₹49.95 crore, and an offer for sale of 5.47 lakh shares worth ₹4.54 crore.

Utilization of IPO Proceeds

Rox Hi-Tech Limited intends to use the proceeds from the fresh issue for various purposes. These include funding capital expenditures, establishing a Network Operations Centre (NOC), Security Operations Centre (SOC), and a Medical Automation Centre in Chennai. Additionally, the company plans to set up a Global Software Delivery Center in Noida. The funds will also cover working capital requirements and general corporate expenses.

Grey Market Premium and Market Sentiment

The grey market premium (GMP) for Rox Hi-Tech Limited IPO was reported at +75, indicating strong investor interest. This premium suggests that the shares were trading at a ₹75 premium in the grey market, implying an estimated listing price of ₹158 per share. This price is 90.36% higher than the IPO price, reflecting a robust market sentiment and investors’ willingness to pay a premium over the issue price.

IPO’s Book Running Lead Manager and Registrar

The IPO’s book running lead manager (BRLM) is Swaraj Shares and Securities Private Limited, with Purva Sharegistry India Pvt Ltd serving as the registrar. Share India Securities acts as the market maker for the IPO, further bolstering investor confidence in this public offering.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.