Newjaisa Technologies shares list at 51% premium over IPO price on NSE SME

Newjaisa Tech IPO was entirely a fresh issue of 84.96 lakh shares and there was no offer-for-sale component.

Newjaisa Technologies shares made a strong debut, listing at a 51% premium over the IPO price on October 5. The stock listed at Rs 71 against the issue price of Rs 47 on NSE SME.

Newjaisa Tech has raised Rs 39.93 crore through its IPO, which was open for subscription from September 25th to September 27th. The price band for the issue was fixed at Rs 44-47. This was an entirely fresh issue of 84.96 lakh shares, and there was no offer-for-sale component. The promoters of the company are Vishesh Handa and Mukunda Raghavendra. Today, before the listing, the grey market premium (GMP) was Rs 11, indicating a listing price of Rs 58.

The public issue was subscribed 6.85 times. Retail investors subscribed 6.54 times, qualified institutional buyers (QIB) 1.02 times and non-institutional investors (NII) 15.34 times. The book-running lead manager for the issue was Indorient Financial Services Ltd, Bigshare Services Pvt Ltd was the registrar and the market maker was Nikunj Stock Brokers.

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Ahead of the IPO, Newjaisa Technologies raised Rs 11.36 crore from anchor investors. Negen Undiscovered Value Fund, Augmenta Value Trust - Series 1, Saint Capital Fund, India Equity Fund 1 and Neomile Growth Fund - Series 1 took part in the anchor book.

Newjaisa Tech will use the IPO proceeds for the expansion of the refurbishment facility and purchase of plant, machinery and equipment, investment in technology development, branding & marketing, and repayment of bank facilities. The remaining amount will be used for general corporate purposes.

Newjaisa Technologies provides refurbished electronic devices at discounted prices. The company procures used gadgets such as laptops, desktops, and peripherals, refurbishes them and sells them directly to end-use customers businesses or retail.

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