NSE SME IPO Synoptics Technologies ends with 2.48 times subscription

The initial public offer (IPO) of Synoptics Technologies received bids for 56,64,600 shares as against 22,80,000 shares on offer. The issue was subscribed 2.48 times.

The Retail Individual Investors (RIIs) category received bids for 27,51,600 shares. The Non Institutional Investors (NIIs) category received bids for 27,01,800 shares. The Qualified Institutional Buyers (QIBs) category received bids for 2,11,200 shares.

The issue opened for bidding on 30 June 2023 and it closed on 5 July 2023. The IPO price was fixed at Rs 237 per share. The equity shares will be listed on the Emerge platform of National Stock Exchange.

The IPO comprised fresh issue of 14,80,000 shares and an offer for sale (OFS) of 8,00,000 shares by selling shareholders. The promoter and promoter group shareholding will dilute to 73.11% from 100% pre-IPO.

The company intends to utilize the net proceeds for repayment of certain borrowings, to meet the working capital requirements, investment in strategic acquisition / joint venture and general corporate purpose.

Synoptics Technologies is an IT company offering solutions in the areas of IT Infrastructure like connectivity to the branches, supply, implementation and support of the network equipment's needed to run the IT setup like routers, switches etc. It designs the solution for customers who need to put their applications on Cloud. It helps with application migration and manage the setup in the cloud. IT Security solution like firewall installation and management. Data Centre design and solution with newer technology to optimize the investment and use less space and power and with clearly defined outcomes.

The company's B2B customers include government entities, public sector undertakings (PSUs), private enterprises. Some of its esteemed customers include TATA Communications Limited, BOB Financial Services, Blue Dart Express, Lifestlye International, Shoppers Stop, Hennes & Mauritz Retail (H&M), Fedbank Financial Services, GIC Housing Finance, Motilal Oswal Financial Services, Government of Gujarat etc. As of 31 December 2022, the company has a strong pool of technically qualified personnel, comprising 584 employees, including 515 engineers.

The company recorded revenue from operations of Rs 34.65 crore and net profit of Rs 5.25 crore for the period ended on 31 December 2022.

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