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Indore-based IT services provider InfoBeans Technologies Ltd, which raised Rs 1,100 crore through an initial public offering (IPO), will list on the NSE’s SME platform on Tuesday.
The issue size of InfoBeans Technologies was Rs 36.5 crore with an issue price of Rs 58 a share. The public offer opened on April 18 and closed on April 21. Sarthi Capital Advisors Private Ltd was the lead manager to the issue.
“NSE has consistently worked towards building a credible platform for SMEs, to help them raise risk capital from informed investors, who are looking at investing early in promising companies. We are seeing high-quality companies coming in with strong participation. Some of the SME issues have recently registered record over-subscription,” said Ravi Varanasi, Chief Business Development at NSE.
More than 70 companies are now listed on NSE Emerge and Institutional Trading Platform (ITP). NSE has been working to create an enabling environment for entrepreneurs to tap the public markets to meet their funding needs. A series of seminars and workshops across all major SME clusters have been held, in association with industry bodies, financial institutions, and government agencies over the years to make entrepreneurs understand the benefits and obligations of going public.
These events are organised in association with industry bodies, financial institutions, banks, State Governments, other Government bodies and intermediaries, among others.
InfoBeans offers business application development for web and mobiles that is custom application development (CAD), content management systems (CMS), and enterprise mobility (EM), providing custom developed services to offshore clients.
The objective of the issue includes acquisition and other strategic takeovers, technical development, investment in subsidiaries, advertising and sales promotion, general corporate purpose and issue expenses. The company is looking at newer geographies, including Europe and West Asia, apart from expanding its US operations.
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