Mumbai: Enser Communications Ltd, a provider of digital marketing services, debuted tepidly on NSE Emerge on March 22. It is listed at INR 72, which is 2.9% more than its issue price of INR 70 per share. At closing, the company's initial public offering (IPO) had 6.96X subscriptions.

The initial public offering (IPO) of the Mumbai-based company was subscribed 3.38 times for non-institutional investors (NIIs) and 10.92 times for retail investors. However, Qualified Institutional Buyers (QIB) declined to purchase the product.

An initial public offering (IPO) for Enser Communications was priced at INR 16.17 crore. It was a completely new 23.1 lakh share offering. The issue's net proceeds will be used for general corporate purposes, working capital needs, IT infrastructure, and issue-related costs.

Enser Communications IPO bidding started on March 15 and ended on March 19. The allotment for Enser Communications IPO was finalised on March 20. The IPO allotment status shows the number of shares being allotted in the issue. Investors whose bids have been rejected and who did not receive the shares will get a refund of their application money.

The fixed issue was subscribed to the tune of nearly 7 times whereas its retail portion was subscribed around 11 times. The NSE SME IPO worth INR 16.17 crore was completely a fresh issue. So, the net proceeds of the company will become part of the company's balance sheet after the share listing.

The company has said in its Red Herring Prospectus (RHP) that the net proceeds of the fixed price issue will be utilized for investing in the IT infrastructure, to meet the working capital requirements of the company, to meet the general corporate purpose, and to meet issue expenses.

On March 22, digital marketing firm Enser Communications Ltd made a lacklustre debut on NSE Emerge. A minimum of 2,000 shares was required for an application lot size. Retail investors needed to invest a minimum of INR 140,000, while high-net-worth individuals needed to invest a minimum of INR 280,000 for two lots or 4,000 shares.

Quick Track The registrar of the Enser Communications IPO was Skyline Financial Services Private Ltd, and the book-running lead manager was Finsec Pvt Ltd. BN Rathi Securities served as the market maker for the IPO of Enser Communications.

The net profit of Enser Communication increased from INR 77.92 lakhs in the same period last year to INR 160.06 lakhs for the fiscal year that ended in March of FY23. The total revenue of the company grew to INR 2,590.97 lakhs, from INR 1,686.47 lakhs a year ago.

Harihara Subramanian Iyer, Rajnish Omprakash Sarna, Gayatri Rajnish Sarna, and Sindhu Saseedharan Nair are the promoters of the company. Enser Communications Limited, established in 2008, specializes in providing Business Process Management (BPM) services to enterprises operating across various sectors, including insurance, e-commerce, education, and travel. Their technology integrates various communication channels (voice, chat, email, etc.) to help businesses acquire and serve customers effectively. They offer a range of services including data analysis, customer relationship management (CRM), automated phone systems (IVRS), and overall customer interaction solutions. As of 31 December 2023, they have a workforce of 780 full-time employees.

Sources – MoneyControl, Mint, Wikipedia, Enser Communications

Source – Invest Bihar Summit