Nisus Finance Services hits 5% upper circuit after listing at 25% premium on the BSE SME platform

Shares of Nisus Finance Services Co. Limited were listed at a premium of 25% on the BSE SME platform on Wednesday, December 11, marking its strong debut on the exchange.

The company's shares opened at ₹225 apiece against the issue price of ₹180 per share. The stock gained another 5% in the opening trade to hit the upper circuit limit of ₹236.25 per share.

More than 17.93 lakh shares traded on the BSE SME platform in the first five minutes of trade. The traded value was ₹40.63 crore. The market valuation of the company stood at ₹564 crore.

The investors, who were allotted at least a single lot of 800 shares during the IPO subscription, would have made a profit of ₹36,000 (₹45x800) after the stock was listed at a premium.

Nisus Finance Services provides services such as Fund and Asset Management, Private Equity and Venture Debt, Transaction Advisory Services and capital solutions for corporate clients.

Nisus Finance Services raises ₹114.24 crore through IPO

Nisus Finance Services Ltd raised ₹114.24 crore through its initial public offering on BSE SME platform last week. The IPO comprised a fresh issue of 56.46 lakh shares worth ₹101.62 crores and an offer for sale of 7.01 lakh shares worth ₹12.61 crores. The public offer was open for subscription from December 4 to 6.

The company set the price band at ₹170 to ₹180 per share. For retail investors, the minimum lot size was 800 shares, and the minimum investment required was ₹1,44,000.

According to exchange data, Nisus Finance Services IPO was booked 192.25 times at the close of bidding. The public offer received bids for 80.9 crore shares against 42.05 lakh shares on offer.

Among investor categories, the retail individual investor category was booked around 140 times. Bids for 29.23 crore shares were received from RIIs against 20.91 lakh shares on offer.

The Non-Institutional Investors’ (NIIs) category was subscribed 451.6 times with bids for 40.42 crore shares against 896,000 shares on offer.

The Qualified Institutional Buyers’ (QIBs) category was booked 93.84 times. Applications for 11.20 crore shares were received against 11.94 lakh shares on offer.

The employees’ quota was subscribed 90%.

The company raised ₹32.21 crore from anchor investors. It allotted 17,89,600 shares at a price of ₹180 per share - the upper limit of the price band – to 11 fund schemes.

Chhattisgarh Investments Limited, Negen Undiscovered Value Fund, Aarth AIF, Nav Capital VCC, M7 Global Fund PCC, and Saint Capital Fund are the fund schemes that bagged shares in the anchor round.

The company finalised the share allotment status on Monday, December 9 and started refunds and credit of shares to Demat accounts on Tuesday, December 11.

Nisus Finance Services has proposed using part of the IPO proceeds to bolster its fund setup, acquire additional licenses, and provide facility management services.

The company looks to set up fund management infrastructure in IFSC Gift City (Gandhinagar), DIFC-Dubai (UAE) and FSC-Mauritius.

The IPO funds would be used to finance distribution and pay a placement fee to third-party distributors or agents to create a pool of funds. It will put some IPO funds into its associate company, Nisus Fincorp Pvt Ltd.