Wednesday, April 17, 2024
Outlook.com
Outlook India
Outlook Business

Delhi-Based Esconet Technologies Files Draft Papers to Raise Funds Via IPO

Corporate Capital Ventures is the sole book-running lead manager, while Skyline Financial Services is the registrar for the issue

Delhi-Based Esconet Technologies Files Draft Papers to Raise Funds Via IPO

Press Trust Of India

POSTED ON January 03, 2024 10:32 AM

Integrated IT solutions company Esconet Technologies on Tuesday said it has filed draft papers to mobilise funds through an initial public offering.

The initial public offering (IPO) is entirely a fresh issuance of up to 33,60,000 equity shares, with a face value of Rs 10 each, and the shares of the company are proposed to be listed on the Emerge platform of the NSE, the company said in a statement.

Corporate Capital Ventures is the sole book-running lead manager, while Skyline Financial Services is the registrar for the issue.

Esconet proposes to utilise the proceeds from the issue towards the working capital requirements of the company and invest in its wholly-owned subsidiary ZeaCloud Services to fund its capital expenditure expenses, as per the draft documents.
A portion of the proceeds will also be used for the general corporate purposes.

Founded in 2012 by second-generation entrepreneurs Santosh Kumar Agrawal and Sunil Kumar Agrawal, Esconet Technologies has been in the business of high-end supercomputing solutions, data centre facilities, storage servers, network security, and data protection.

The company counts global technology firms such as AMD, Amazon Web Services, Cisco, Dell Technologies, HP Enterprises, Intel, Microsoft, and NVIDIA, among its technology partners.

Its clientele includes the Ministry of Defence, National Informatics Centre and National Informatics Centre Services Inc (MeitY), IIT, Bharat Electronics Ltd, ONGC, and Engineers India Ltd, among others.

Esconet's revenue stood at Rs 71.46 crore and a profit after tax of Rs 3.05 crore during the first half of the current fiscal year ended September 30, 2023.

  • Related Articles

    According to the draft red herring prospectus (DRHP), Tata is offering to sell his entire 77,900 shares, amounting to a 0.02 per cent stake, of FirstCry

    Ratan Tata to Unload Entire Stake in FirstCry IPO

    The proposed IPO is a fresh issue of equity shares up to Rs 5,500 crore and an offer for sale (OFS) of 9.52 crore equity shares by promoters and investors

    Ola Electric Breaks Two-Decade Silence with IPO Filing, Marks Milestone for Indian Auto Industry

    ICICI Securities Limited, Axis Capital Limited, IIFL Securities, and Emkay Global Financial Services Limited are the Book Running Lead Managers for the issue

    Awfis Submits DRHP for IPO, Plans Fresh Issue of Rs 1,600 Million and Offers 10 Million Equity Shares