IT services and solutions provider Synoptics Technologies on Monday said it has fixed a price of Rs 237 a share for its initial offer sale, which will open on June 30.
The initial public offering (IPO) will conclude on July 5. The minimum application size is 600 shares and multiples thereafter. Its shares will be listed on NSE Emerge, a platform for small and medium enterprises, the company said in a statement.
The total size of the public issue is 22. 80 lakh shares. The IPO aims to raise Rs 54. 04 crore. The issue comprises of fresh issue of 14. 80 lakh equity shares amounting to Rs 35. 08 crore and an offer for sale (OFS) of up to 8 lakh shares worth Rs 18.96 crore.
Proceeds from the issue will be utilised for repayment of certain borrowings, funding additional working capital requirements, investment in strategic acquisition/ joint venture, and general corporate purposes.
Synoptics Technologies specialises in providing comprehensive IT infrastructure solutions to its clients.
Mumbai-based Synoptics Technologies boasts a clientele comprising a wide range of esteemed B2B customers, including Tata Communications, BSNL, Aditya Birla Group, State Bank of India, Hennes & Mauritz Retail Pvt Ltd (H&M) and Gujarat government, among others, the statement said.
The book-running lead manager to the IPO is First Overseas Capital Ltd.
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