Esconet Technologies IPO allotment expected today: Here’s how to check status

The initial public offering (IPO) of New Delhi-based small and medium enterprise (SME) Esconet Technologies Ltd has received a remarkable response from investors during the three days of bidding that closed on Tuesday, February 20.

The ₹28.22-crore book-built Esconet Technologies IPO comprising 33.6 lakh equity shares was oversubscribed by a huge 471 times at the end of the final day of bidding.

The portion reserved for non-institutional investors (NIIs) saw the highest subscription of 868 times. The NII investors submitted bids for nearly 41.56 crore shares as against 4,78,400 shares on offer. The qualified institutional buyers (QIB) segment received bids for more than 9.93 crore shares compared to 636,800 shares reserved for the segment, reflecting a total bidding of 155 times. The retail category saw a subscription of 553 times as investors applied for a total of 61.89 crore shares compared to 11.15 lakh shares on offer.

Investors who placed their bids in the Esconet Technologies IPO would now be waiting for the share allotment status that is expected to be finalised on Wednesday, February 21.

The share allotment status of the SME IPO can be checked on the official website of the registrar of the Esconet Technologies public issue, which is Skyline Financial Services Pvt. Ltd.

Steps to check Esconet Technologies IPO allotment status

Follow the simple steps mentioned below to get the details of the share allotment:

• Visit https://www.skylinerta.com/.
• Click on the ‘Public Issue’ tab under the ‘Investors’ section on the top right corner of the page.
• Under the ‘Select Company’ option, choose ‘Esconet Technologies’ from the dropdown menu. In case the name is not visible there, it means that the allotment status has not been finalised yet.
• After you select the company name, you can enter either your PAN details, or your IPO application number, or your DP/Client ID as a part of the customer identification process.
• Click on the ‘Search’ option after you enter one of the three details.
• You would be able to check the allotment status of your application on your screen. In case of successful allotment, the status would also display the number of lots allotted.

If you have been allotted shares in the Esconet Technologies IPO, expect them to be credited in your demat account by 22 February, Thursday. Those who have not been allotted shares can expect refunds to be initiated in their bank accounts on the same day.

The listing of the Esconet Technologies stock on the NSE SME platform is expected on Friday, February 23.

Esconet Technologies IPO details

IT systems integrator firm Esconet Technologies had set the IPO price band at ₹80-84 per share. The lot size for the issue was 1,600 shares.

This meant that retail investors needed to bid for a minimum 1,600 shares, aggregating into an investment amount of ₹1.3 lakh.

High networth individuals (HNIs) needed to bid for a minimum of two lots, or 3,200 shares, amounting to ₹2.68 lakh.

The IPO comprised only fresh issuance of 33.6 lakh equity shares with a face value of ₹10 each.

Esconet Technologies proposed to utilise the IPO proceeds towards working capital requirements and towards investment in its wholly owned subsidiary Zeacloud Services Pvt. Ltd.

Incorporated in 2012, Esconet Technologies is a leading system integrator in the IT infrastructure, cloud computing, managed services and data security segments.

During 2022-23, Esconet Technologies reported revenue of ₹96.90 crore with a net profit of ₹3.04 crore. In the ongoing financial year, the company has posted a net profit of ₹3.05 crore for the six-month period ended September 2023 on a revenue of ₹71.46 crore.