Esconet Technologies Limited, a leading integrated IT solutions company, has announced the opening of its initial public offering (IPO) on Friday, February 16, 2024. The IPO, which comprises a fresh issue of 33,60,000 equity shares with a face value of Rs. 10 each, will be available at a price band of Rs. 80 to Rs. 84 per share. The offering, which aims to raise approximately Rs. 28.22 crore, will be open for subscription until Tuesday, February 20, 2024.
The IPO marks a significant milestone for Esconet Technologies, which specializes in manufacturing high-performance supercomputers, data servers, and workstations. The company also offers a wide range of IT solutions for SMEs, large organizations, and public sector clients, including data storage and networks, security, virtualization, and data protection.
Esconet’s decision to go public comes at a time when the demand for IT solutions is on the rise, driven by digital transformation initiatives across industries. The company’s strong track record of profitability and its focus on innovation have positioned it as a key player in the IT sector.
One of the key highlights of the IPO is the company’s plan to utilize the proceeds to fund its long-term working capital requirements and invest in its wholly-owned subsidiary, ZeaCloud Services Private Limited. This strategic investment is aimed at fortifying the subsidiary’s data backup capabilities, which will enhance Esconet’s overall service offerings and strengthen its market position.
Esconet’s IPO is being managed by Corporate Capital Ventures as the Book Running Lead Manager, with Skyline Financial Services Private Limited serving as the Registrar to the issue. The IPO will also include an anchor book, which will open on Thursday, February 15, 2024, providing select investors with an opportunity to participate in the offering ahead of the public opening.
Founded in 2012 by second-generation entrepreneurs Santosh Kumar Agrawal and Sunil Kumar Agrawal, Esconet has built a reputation for delivering innovative and resilient IT solutions. The company’s partnerships with global technology firms such as AMD, Amazon Web Services, Cisco, Dell Technologies, and Microsoft, among others, have enabled it to deliver cutting-edge solutions to its prestigious clientele, which includes the Ministry of Defence, National Informatics Centre, IIT, Bharat Electronics Limited, and ONGC, among others.
Esconet’s commitment to quality and security is evident from its certifications, including ISO 9001:2015 for Quality Management System, ISO/IEC 27001:2022 for Information Security Management Systems, ISO/IEC 20000-1:2018 for Information Technology Service Management, and ISO 14001:2015 for Environmental Management Systems. These certifications reflect the company’s dedication to delivering high-quality, secure, and environmentally sustainable IT solutions.
Overall, Esconet’s IPO presents a compelling opportunity for investors to participate in the growth story of a leading IT solutions company that is well-positioned to capitalize on the increasing demand for innovative and reliable IT solutions. With a strong track record of profitability, a focus on innovation, and a commitment to quality, Esconet is poised for continued success in the dynamic IT sector.
