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As on : 05-Jun-2024

IPO Centre - IPO News
05-Jun-2024 17:08

BSE SME IPO of Sattrix Information Security subscribed 1.02 times

The initial public offer (IPO) of Sattrix Information Security received bids for 18,38,000 shares as against 18,00,000 shares on offer, as per BSE data as of 17:00 hours on Wednesday (05 June 2024). The issue was subscribed 1.02 times.

The issue opened for bidding on Wednesday (05 June 2024) and it will close on Friday (07 June 2024). The price of the IPO is fixed at Rs 121 per share. The minimum order quantity is 1,000 equity shares. The equity shares will list on BSE?s SME platform.

The IPO comprises fresh issue of 18,00,000 equity shares. The promoter and promoter group shareholding will dilute to 73.53% from 100% Pre-offer.

About 92,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 17,08,000 equity shares. The issue and the net issue will constitute 26.47% and 25.12% respectively of the post offer paid up equity share capital of the company.

The company intends to utilize the net proceeds to meet out expenses for purchasing furniture, fixture & air conditioning for new office at Ahmedabad, to purchase and installation of it equipment, computer hardware, server, san storage, cctv cameras, video conferencing equipment, networking (LAN), development of new product & technology and other business expansion cost, to meet additional working capital requirement and general corporate purpose.

Sattrix Information Security is engaged in the business to develop customer-centric cyber security solutions, the company aims to deliver end-to-end cyber security services to enterprises in India, USA, and UAE. The company offers comprehensive cybersecurity services, helping organizations protect their data from unauthorized access and security threats. The company designs and builds data security solutions on cloud and on-premise based on client requirements. Sattrix uses the best available technologies to develop agile solutions that adapt to changing client requirements. As on 31 December 2023, the company has 145 employees on payroll basis.

The company recorded revenue from operations of Rs 30.35 crore and net profit of Rs 2.50 crore for the period as on 31 December 2023.

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