Enfuse Solutions IPO opens: Issue subscribed 2 times within hours of launch, check key details

Enfuse Solutions Limited IPO opened to a strong demand from the investors on Friday, March 15, as the public issue was subscribed twice within a few hours of launch. The initial public offer was booked 2.32 times till 12:33 pm, as per NSE data.

The public issue received bids for 36.12 lakh shares compared to 15,54,000 shares on offer.

The initial public offer is completely a fresh issue of 23.37 lakh shares, which includes anchor allocation of 6.63 lakh shares and a market maker portion of 1.2 lakh shares.

Enfuse Solutions public offer, a book build issue of ₹22.44 crore, will close for subscription on Tuesday, March 19.

The company has reserved 7.76 lakh shares for retail investors and 3.36 lakh shares for non-institutional investors (NIIs). Another 4.44 lakh shares have been set aside for qualified institutional buyers (QIBs).

The company raised ₹6.37 crore from anchor investors allotting 6,63,600 shares (28.39% of the total IPO size) on Thursday, March 14.

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Enfuse Solutions IPO price band and lot size

Enfuse Solutions IPO price band has been fixed at ₹91 to ₹96 per share. The Enfuse Solutions IPO lot size is 1,200 shares, which means retail investors will have to invest a minimum of ₹1,15,200 to bid for one lot. For high net worth individuals (HNIs), the minimum lot size fixed is 2 lots or 2,400 shares, requiring an investment of ₹230,400.

Enfuse Solutions IPO allotment and listing

Enfuse Solutions is expected to finalise the basis of allotment for the shares on Wednesday, March 20. The refunds will be initiated for non-allottees on Thursday, March 21, and the successful bidders will receive shares in their Demat account on the same day.

Shares of the company are tentatively scheduled to be listed on NSE SME platform on Friday, March 22, 2024.

Hem Securities is the book-running lead manager of the Enfuse Solutions IPO. Bigshare Services Pvt Ltd will serve as the registrar.

Imran Yasin Ansari, Mohammedk Lalmohammed Shaikh, Rahul Mahendra Gandhi, Zaynulabedin Mohmadbhai Mira and Farheen Imran Ansari are the promoters of the company. The promoters' stake in the company will be reduced to 73.58% post IPO from the existing 100%.

About Enfuse Solutions Ltd

Started in 2017, Enfuse Solutions is known for providing integrated digital solutions across various sectors. Its services span across data management and analytics, e-commerce and digital services, machine learning and artificial intelligence and edtech and technology solutions.

Enfuse Solutions operates in four distinct domains. Its focus areas in data management and analytics are analysis of data for informed decision-making, analysis of digital platforms for growth and optimization for e-commerce and digital services, machine learning and AI.

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