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The initial public offer (IPO) of Kore Digital received bids for 22,38,400 shares as against 10,00,000 shares on offer as per NSE data as of 17:00 hours on Friday, 2 June 2023. The issue was subscribed 2.23 times.
The issue opened for bidding on Friday (2 June 2023) and it will close on Wednesday (7 June 2023). The IPO price was fixed at Rs 180 per share. The minimum order quantity is 800 shares. The equity shares are proposed to be listed on the EMERGE platform of National Stock Exchange of India (NSE EMERGE).
The IPO comprises fresh issue of 10,00,000 equity shares. The promoter and promoter group shareholding will dilute to 71.38% post IPO from 99.70% pre-IPO.
About 52,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 9,48,000 equity shares. The issue and the net issue will constitute 28.41% and 26.93%, respectively of the post issue paid-up equity share capital of the company
The company intends to utilize the net proceeds to meet the working capital requirements, investment in strategic acquisition / joint venture and general corporate purpose.
Kore Digital engaged primarily in the business of installing and commissioning of poles, towers and optical fibre cable (OFC) systems in Maharashtra. It was set up with an object to provide high-end communication solutions to corporate and telecom network operators. It is also engaged in the operations & maintenance activity of the fibre network and preventing the underground optic fiber therein from getting cut due to activities like road repairs, digging and expansion works by various authorities. As on 31 December 2022, the company has total 19 employees.
The company recorded a revenue from operations of Rs 11.95 crore and net profit of Rs 2.53 crore for the period ended on 31 December 2022.
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