3C IT Solutions and Telecoms IPO booked over 20 times on day 3 on high demand from NIIs

The initial public offer of 3C IT Solutions and Telecoms Ltd closed with a strong subscription as the public issue was booked more than 20 times on the final day of bidding on June 7.

The subscription window for 3C IT Solutions IPO was booked from June 4 to June 7.

The BSE SME issue received bids for more than 4.23 crore against 20.88 lakh shares offered to investors, leading to an overall subscription of 20.34 times.

Retail investors led the demand for the IT company’s shares, followed by the Non-Institutional Investors (NIIs). The retail category was booked 29.78 times as investors placed bids for over 3.1 crore shares, compared to 10.44 lakh shares set aside for the category.

In the non-institutional investors’ category, the issue received applications for more than 1.12 crore shares against the 10.44 lakh shares reserved for NIIs, leading to a subscription rate of 10.73 times.

Qualified institutional buyers (QIBs) bid for 16,000 shares on the final day of bidding.

3C IT Solutions IPO: Price band, lot size and minimum investment

3C IT Solutions & Telecoms IPO is a fixed price issue valued at ₹11.44 crore. The public offer consists of a fresh issue of 17 lakh shares aimed at raising ₹8.84 crore and an offer-for-sale (OFS) component of 5 lakh shares amounting to ₹2.6 crore.

The fixed price issue has an issue price of ₹52 per share. The minimum lot size for subscription for retail investors was 1 lot of 2,000 shares, amounting to ₹1,04,000. The minimum investment for the high net-worth individuals (HNIs) was 2 lots comprising 4,000 shares amounting to ₹2,08,000.

The registrar for the issue is Skyline Financial Services Private Ltd, the book running lead manager for the issue is Kreo Capital Private Limited and the market maker for the issue is Shreni Shares.

3C IT Solutions IPO listing date

3C IT Solutions IPO share allotment status is likely to be decided by Monday, June 10. Refunds will be initiated for bidders who have not been allotted shares on Tuesday, June 11, and shares will be credited to the Demat accounts of investors on the same day. Shares of 3C IT Solutions & Telecoms Ltd are likely to list on the BSE SME platform on June 12.

About 3C IT Solutions

3C IT Solutions & Telecoms (India) Limited offers a diverse range of IT products and services. The company’s services are divided into 3 segments: Infrastructure solutions, Digital business solutions, and Consulting solutions.

The IT company plans to use the funds for funding its working capital requirements, repay certain borrowings and for other general corporate purposes.

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