The shares of Infinity Infoway made a bumper stock market debut on October 8, listing at Rs 294.50 apiece on the BSE SME platform. This marks a 90 percent discount over the IPO price of Rs 155 apiece.
The listing premium is significantly higher than grey market estimates. Ahead of listing, the unlisted shares of the company were trading with nearly 39 percent grey market premium (GMP) over the IPO price, according to data on Investorgain.
About Infinity Infoway IPO:
Infinity Infoway had launched its initial public offering (IPO) to raise Rs 24 crore entirely through a fresh issue of shares at a price band of Rs 147-155 apiece. Investors could bid for a minimum of 800 shares, requiring an investment of 1.24 lakh per lot, and in multiples thereafter.
Infinity Infoway IPO subscription:
The maiden public issue of the company saw strong investor interest during its three days of public bidding, being subscribed more than 277 times between September 30 and October 3. Non institutional investors (NII) showed the most interest, subscribing their reserved portion around 549 times. Retail investors and Qualified Institutional Buyers (QIB) followed, booking the portions kept for them around 349 times and 157 times respectively.
Infinity Infoway provides SaaS services for customized ERP solutions for education, manufacturing, retail, and construction. It also provides Online Examination System (OES) to educational institutions like schools, colleges and universities to administer exams and distribute question papers to students.
The company aims to utilize the fresh issue proceeds for development of certain products, purchase of new IT infrastructure and certification, funding of tender deposits, along with working capital requirements and general corporate purposes.
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