HRH Next Services stock lists at 13.8% premium to IPO price on NSE SME

HRH Next Services IPO: Through the IPO, the company raised Rs 9.57 crore

Shares of HRH Next Services made a stellar debut, listing at a 13.88 percent premium over the IPO price, on January 3. The stock opened at Rs 41 against the issue price of Rs 36 on the NSE SME platform.

Ahead of the listing, the shares were commanding a 25 percent premium in the grey market, an unofficial ecosystem where shares start trading before the allotment in the IPO and continue till the listing day. Most investors track the grey market premium (GMP) to get an idea of the listing price.

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The BPO service provider’s public issue was subscribed 62 times during December 27-29. Retail investors bought 63.53 times the reserved portion, while non-retail investors (high networth individuals and qualified institutional buyers) picked up 60.6 times the allotted quota.

Through the IPO, the company raised Rs 9.57 crore. The company will use the net fresh issue proceeds to launch two call centres and meet capital expenditures towards the purchase of computer systems. The remaining funds will be used for general corporate purposes. Ankit Sanjay Shah, Parikshit Pankaj Shah and Tara Sanjay Shah are the promoters of the company.

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Finshore Management Services was the book-running lead manager,  Cameo Corporate Services was the registrar and  Nikunj Stock Brokers was the market-maker for the issue.

HRH Next Services is a business process outsourcing service provider offering services such as chat support, backend support, voice support and email support. The company's business clients include companies from telecom, food tech, auto tech, e-commerce, fintech, education, healthcare, government, and banking sectors.