ROX Hi-Tech, a small- and medium-sized enterprise (SME) specializing in customer-centric IT solutions, recently made waves in the financial world with its highly successful Initial Public Offering (IPO). Here are the top 10 things you need to know about this exciting development:
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IPO Subscription Success: The ROX Hi-Tech IPO witnessed an overwhelming response from investors, with an overall subscription rate of 21.69 times on the very first day. Notably, the retail segment showed exceptional interest, with a subscription rate of 29.05 times, followed by 7.91 times in the Qualified Institutional Buyer (QIB) category and 19.82 times in the Non-Institutional Investor (NII) category.
IPO Timeline: The ROX Hi-Tech IPO opened for subscription on November 7, 2023, and will remain open until November 9, 2023.
Price Band: The IPO has a price band of ₹80 to ₹83 per share, with a face value of ₹10 per share for the public issue.
Lot Size: Interested investors can bid for a minimum of 1,600 shares and in multiples thereof.
IPO Details: ROX Hi-Tech’s IPO is a book-built issue with a total size of ₹54.49 crore. This offering comprises a fresh issue of 60.18 lakh shares, amounting to ₹49.95 crore, and an offer for sale of 5.47 lakh shares, totaling ₹4.54 crore.
Utilization of Funds: The company intends to use the proceeds from the fresh issue to fund various expansion activities, including setting up a Network Operations Centre (NOC), Security Operations Centre (SOC), and Medical Automation Centre in Chennai. Additionally, the funds will be allocated for the establishment of a Global Software Delivery Center in Noida, as well as for working capital requirements and general corporate expenses.
Allotment and Listing Dates: Allotment for the ROX Hi-Tech IPO is expected to be finalized on November 15, 2023. Refunds will be initiated on November 16, and shares will be credited to demat accounts on November 17. The IPO is set to list on NSE SME, with a tentative listing date fixed for Monday, November 20, 2023.
Lead Manager and Registrar: The book running lead manager for the ROX Hi-Tech IPO is Swaraj Shares and Securities Private Limited, while Purva Sharegistry India Pvt Ltd serves as the registrar. Share India Securities acts as the market maker for the IPO.
IPO Reservation: ROX Hi-Tech has reserved 16 percent of the offer size for Qualified Institutional Buyers (QIBs), 13.64 percent for High Net-Worth Individuals (Non-Institutional Investors or NIIs), and 33 percent for Retail Individual Investors (RIIs). Anchor investors were allocated 24.06 percent.
Grey Market Premium: As of the latest reports, the GMP for ROX Hi-Tech SME IPO stands at ₹85. This indicates strong investor interest, with shares trading at a premium of ₹85 in the grey market on Tuesday, according to investorgain.com. Given the upper end of the IPO price band and the current GMP, the estimated listing price for ROX Hi-Tech shares is ₹168 each, representing a remarkable 102.42 percent increase over the IPO price of ₹83.
ROX Hi-Tech’s impressive IPO performance reflects a growing appetite for investment opportunities in the SME sector and underscores the company’s promising prospects in the IT solutions industry. As the IPO subscription period continues, all eyes will be on the listing date to see how the market responds to this exciting offering.
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