EMA Partners IPO: Whiteoak Capital, 9 others anchor Rs 21.65 crore investment

EMA Partners IPO

Executive search firm EMA Partners India has raised Rs 21.65 crore from 10 institutional investors including Whiteoak Capital via anchor book on January 16, a day before the issue opening.

The Rs 76-crore public issue will open for subscription on January 17 and close on January 21, with a price band of Rs 117-124 per share. The IPO comprises of fresh issue of 53.34 lakh shares worth Rs 66.14 crore and an offer-for-sale of 7.96 lakh shares worth Rs 9.87 crore by the existing shareholders.

The company that offers specialised hiring solutions said in its filing to the exchange that it has finalised allocation of 17.46 lakh equity shares to anchor investors at a price of Rs 124 per share.

Whiteoak Capital through its three schemes (Midcap Fund, Multi Cap Fund, and ELSS Tax Saver Fund) invested Rs 7.2 crore in EMA Partners for 5.82 lakh shares.

Other institutional investors participated in the anchor book were Negen Undiscovered Value Fund, YR Investment Opportunities Fund, India Max Investment Fund, Radiant Global Fund, Saint Capital Fund, Ashika India Select Fund, Nakshatra Stressed Assets Fund, and Silver Stride India Global Fund.

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The Mumbai-headquartered company with subsidiaries in Singapore, and Dubai intends to spend fresh issue proceeds for augmenting its leadership team, and upgrading the existing IT infrastructure. Further, the funds will also be utilised for repaying debt, and general corporate purposes and unidentified inorganic acquisitions.

EMA Partners, which competes with listed entities like Quess Corp, and TeamLease Services, will be available for trading on the NSE Emerge, effective January 24.

Indorient Financial Services is acting as the merchant banker to the issue.