3C IT Solutions IPO: Weak debut on D-Street, shares list at 17% discount on BSE SME

3C IT Solutions and Telecoms Ltd made a weak market debut on Wednesday, June 7, with the shares listing at a discount of 17.28% on the BSE SME platform.

Shares of the IT solutions company opened at ₹43.01 apiece on BSE SME against the issue price of ₹52 per share, reflecting a discount of ₹9 per share.

After listing, the stock briefly gained nearly 5% to trade at an intra-day high of ₹45.16 apiece in early trade, according to the BSE data. Approximately 3.24 lakh shares of the company changed hands on the BSE in early trade and the traded value stood at ₹1.41 crore around 11am. The market capitalisation of the company stood at ₹11.44 crore.

The IT systems integration company hit the capital markets with its public offer on June 4, 2024, to raise around ₹11.44 crore from investors.

The fixed price issue was a combination of a fresh issue of 17 lakh shares amounting to ₹8.84 crore and an offer-for-sale (OFS) of 5 lakh shares aggregating to ₹2.6 crore. The price for the fixed price issue was set at ₹52 per share and the minimum lot size for investment for retail investors was 1 lot of 2,000 shares which translates to ₹1,04,000.

Investors placed bids for more than 4.23 crore shares, as against 20.88 lakh shares offered, leading to an overall subscription of 20.34 times on the final day of bidding. The demand for 3C IT Solutions and Telecoms Ltd’s shares was driven by retail investors as the category was subscribed 29.78 times. The non-institutional investors (NIIs) applied for over 1.12 crore shares against the 10.44 lakh shares reserved for the segment leading to a subscription of 10.73 times. The qualified institutional buyers (QIBs) placed bids for 16,000 shares.

About 3C IT Solutions and Telecoms Ltd Limited

3C IT Solutions & Telecoms (India) Limited was incorporated in 2015 and is an IT systems integration company. The company’s range of services include: Infrastructure solutions, Digital business solutions, and Consulting solutions.