Infonative Solutions IPO Day 1: BSE SME issue booked 37% so far; check offer size, price band and key dates

Infonative Solutions IPO: The initial public offering (IPO) of Infonative Solutions Ltd opened to a lacklustre response from investors on Friday, March 28. The BSE SME issue has been booked only 37% so far.

So far on its first day of subscription, the issue has received bids for over 11.71 lakh shares against 31.28 lakh shares on offer, according to the BSE data till 2:43 pm.

The retail investors applied for more than 11.64 lakh shares against 21.07 lakh shares on offer. The retail portion of the IPO was booked 55%. The non-institutional investors (NIIs) applied for only 6,44 shares against 8.60 lakh shares set aside for the category, leading to 1% subscription. The Qualified Institutional Buyers (QIBs) did not submit any bid against the allocation of 1.6 lakh shares.

Here’s a look at all the key details about the issue for the investors interested in applying for the shares of Infonative Solutions Ltd.

Infonative Solutions IPO price band and other details

Infonative Solutions IPO comprises an exclusive fresh issue of 31.28 lakh shares, aggregating to ₹24.71 crore. The issue does not contain any offer-for-sale (OFS) component.

The company has fixed the issue price at a band of ₹75 to ₹79 per share for the IPO, with a face value of ₹1 each. The minimum lot size is 1,600 shares, requiring an investment of ₹1,26,400 at the upper price band.

Share India Capital Services Private Ltd is the book-running lead manager of the Infonative Solutions IPO, while Kfin Technologies Ltd is the registrar for the issue. The market maker for the IPO is Share India Securities Ltd.

Infonative Solutions IPO key dates

The IPO allotment status is expected to be finalised on Friday, April 4. Refunds will be issued on Monday, April 7, and the allottees will also receive shares in the Demat accounts on the same day.

The company has proposed to list shares on the BSE on Tuesday, April 8.

About Infonative Solutions and use of IPO proceeds

Infonative Solutions is engaged in developing and designing e-learning content and services, including offering cloud-based learning management system (LMS). It offers customized solutions for corporate as well as educational sectors, which focus on instructional design, gamification, AR/VR content and software simulations.

The company provides cutting-edge e-learning delivery services to clients including Fortune 500 companies, Big 4 consulting firms, IT/ITES, education, and government agencies in industries like BFSI, consulting, and FMCG.

As of September 30, 2024, the company had a total strength of 157 employees.

The company intends to utilise the funds raised from the IPO to meet the expenses aimed at developing new products, courses as well as new features in LMS, along with purchasing laptops.

Infonative Solutions key financials

For the period ended September 30, 2024, Infonative Solutions’ revenue or total income stood at ₹11.42 crore, while its profit after tax (PAT) was reported at ₹3.64 crore.

For the financial year ended March 31, 2024, the company’s revenue stood at ₹18.07 crore compared to ₹20.95 crore in the preceding fiscal (FY23). In comparison, its profit after tax for FY24 marginally increased to ₹1.45 crore compared to ₹1.06 crore in FY23.