euphoria infotech shares: Euphoria Infotech India lists at a 90% premium over issue price at Rs 190

The initial public offering (IPO) of Euphoria Infotech India was subscribed 364.71 times on the BSE. The retail portion was subscribed 426.65 times while the non-institutional investors’ quota was booked 237.99 times. The portion for qualified institutional buyers (QIBs) was subscribed 413.26 times.

It was entirely a fresh issue where the company offered 960,000 shares with a minimum bid quantity of 1,200 shares. The maximum bid quantity for Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs) was 912,000 shares. The company fixed the price band at Rs 96-100 per equity share with the face value of Rs 10 per share.

Incorporated in May 2001, Euphoria Infotech (India) is a full-stack IT and ITes solution provider based out at Kolkata, West Bengal and offers services in areas related to citizen-centric application, Enterprise Resource Planning (ERP), E-Commerce, Application programming interface (API), Internet of Things (IoT), cloud-based tools and application, data management among other things. The founder and Managing Director of the company is Shamba Bhanja.

As per Restated Financial Statements for the fiscal 2023, 2022 and 2021, our total revenues were Rs 7.37 crore, Rs 4.93 crore and Rs 5.56 crore, respectively. The company’s Profit after Tax for the respective periods stood at Rs 1.29 crore, Rs 21.71 lakhs and 23.91 lakhs, respectively. For the half year ended September 30, 2023, its total revenues were at Rs 3.65 crore and its profit after Tax was Rs 60.49 lakhs.

The company intends to utilise the net proceeds from the IPO towards working capital requirements and general corporate purposes.

Khandwala Securities was the book-running lead manager (BRLM) while Mas Services Limited was the registrar of the issue. The sponsor bank was Axis Bank. (You can now subscribe to our ETMarkets WhatsApp channel)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)