Enfuse Solutions makes strong debut, shares list at nearly 20% premium to IPO price

Data management and digital services provider Enfuse Solutions made a strong debut on the stock markets on Friday as its shares listed at a premium of nearly 20% to the issue price.

Enfuse Solutions shares listed on the NSE SME platform at ₹115 per piece against the issue price of ₹96 per share.

The counter witnessed decent demand for shares in the first 20 minutes. The stock zoomed further to hit a high of ₹120 per share, reflecting gains of 25% from the issue price.

A strong opening and further nearly 5% rally from the listing price attracted some profit taking by large investors.

As a result, Enfuse Solutions shares touched a low of ₹109.25, down 5% from listing price in late morning deals.

The stock gained some ground later and was trading at ₹113.95, down 0.90% from the listing price but up by 17% from the issue price.

According to exchange data, more than 8.76 lakh shares of the company traded on NSE SME platform in morning deals. The traded value was ₹9.99 crore while the market capitalisation of the company stood at ₹100.82 crore.

Enfuse Solutions IPO details

Enfuse Solutions launched its public offer on March 15 to raise around ₹22.44 crore from public investors. The book-built issue comprised a fresh issue of 23.38 lakh shares. The price band was at ₹91 to ₹96 per share. The lot size was 1,200 shares and the minimum investment was ₹1,15,200.

At the close of bidding on March 19, the issue was subscribed 357 times on strong demand from non-institutional and retail investors.

Applications for 55,52,58,000 equity shares worth ₹5,330.48 crore were received against 1,554,000 equity shares on offer.

Qualified Institutional Buyers category was booked nearly 100 times, Non-Institutional Buyers’ portion by 953.22 times and retail investors category by 248.42 times.

The company earlier raised ₹6.37 crore from anchor investors.

Enfuse Solutions has proposed to utilise IPO proceeds for debt repayment and financing working capital requirements. It will use ₹3.9 crore for debt repayment and around ₹11 crore for meeting working capital needs.

About Enfuse Solutions

Ebfuse Solutions is engaged in the business of providing integrated digital solutions across various domains. It offers data management and analytics, e-commerce and digital services, machine learning and artificial intelligence, and edtech and technology solutions.