Enfuse Solutions IPO oversubscribed 357 times on day 3, NIIs portion booked over 950 times

Enfuse Solutions IPO, a book-build issue of ₹22.44 crore, received a stellar response from investors, closing the bidding with a massive 357 times subscription on the final day on Tuesday. The initial public offer (IPO) subscription was open for subscription from March 15 to March 19.

The public issue received applications for 55.53 crore shares from public investors compared to 15.54 lakh shares on offer, until 5 pm on Tuesday, according to NSE data.

In the non-institutional investors’ category, the issue received applications for 31,81,15,200 shares against 3,33,600 allocated for the segment, resulting in 954% subscription. Retail investors submitted bids for 19,28,74,800 shares against 7,76,400 shares reserved for the segment. The category was booked 248 times.

Qualified institutional buyers (QIBs) booked 4.43 crore shares compared to 4.44 lakh shares set aside for them, subscribing the portion 100 times, NSE data showed.

Of the issue, Enfuse Solutions offered 18.99% of total shares to qualified institutional buyers, 14.27% to non-institutional investors, 33.21% to retail investors and 28.39% to anchor investors.

Enfuse Solutions IPO total offer size was a completely fresh issue of 23.37 lakh shares, including 6.63 lakh shares for anchor investors and a market maker segment of 1.2 lakh shares.

The company raised ₹6.37 crore from anchor investors on March 14.

With the closure of the subscription window, the focus will now shift to share allotment. Enfuse Solutions IPO allotment status is expected to be finalised on Wednesday, March 20.

Bidders can check their share allotment status either on the registrar's portal or on the NSE. Bigshare Services Pvt Ltd is the registrar to the IPO.

After the company finalises the allotment of shares, non-allottees will get their refunds on March 21 while successful bidders will receive their shares in their Demat account on the same day. Shares of Enfuse Solutions Ltd are expected to be listed on NSE Emerge platform on March 22.

Enfuse Solutions IPO price band was set at ₹91 to ₹96 per share. The minimum lot size to apply was fixed as 1,200 shares aggregating to an application amount of ₹1,15,200. For High Net Worth Individuals (HNI), the minimum lot size investment was 2 lots or 2,400 shares, amounting to ₹2,30,400.

About Enfuse Solutions Limited

Established in 2017, the company is a digital solutions provider. Its services span various sectors such as data management and analytics, e-commerce, AI and machine learning, and edtech.

Its operations are divided into four key areas of data management and analytics, e-commerce and digital services, machine learning and artificial intelligence, and edtech and technology solutions.

Enfuse Solutions operates from two delivery centres based out of Thane and Vikhroli, Maharashtra. The company earns revenue from both its domestic business operations and by exporting services to countries such as the United States, Ireland, the Netherlands, and Canada.

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