SME IPOs: ROX Hi-Tech subscribed 113 times; Sunrest Lifescience booked 26 times on final day

ROX Hi-Tech aims to raise Rs 54.49 crore via its IPO

ROX Hi-Tech and Sunrest Lifescience IPOs have been subscribed 113 times and 26 times so far, respectively, on November 9, the final day of bidding. The small and medium enterprises (SME) issues opened for subscription on November 7. Let’s take a look at the details of these public offers:

ROX Hi-Tech

ROX Hi-Tech issue has received bids for 56.5 crore shares against the issue size of 49.88 lakh shares. Retail investors bought 158 times, non-institutional investors bought 180 times and qualified institutional buyers picked 53 times the allotted quota. The price band for the issue has been fixed at Rs 80-83 per share. The company aims to raise Rs 54.49 crore via the IPO. The offer consists of a fresh issue of 60.17 lakh shares worth Rs 49.95 crore and an offer-for-sale of 5.47 lakh shares worth Rs 4.54 crore.

Also Read: ASK Automotive IPO Final Day: Issue booked 23.94 times so far; should you subscribe?

The company will utilize the IPO proceeds to fund capital expenditure for setting up Network Operations, Security Operations and Medical Automation Centre in Chennai and a global software delivery centre in Noida. Jim Rakesh and Sukanya Rakesh are the promoters of the company.

ROX Hi-Tech is an IT solutions provider. It offers a range of distributed IT solutions, including consulting, enterprise and end-user computing, managed print, and network services.

Sunrest Lifescience

Sunrest Lifesciences' public offer has received bids for 3.41 crore shares against the issue size of 12.91 lakh shares. Retail investors picked 44 times while non-institutional investors bought 11 times the allotted quota. The Rs 10.85 crore IPO is entirely a fresh issue of 12.91 lakh shares. The price for the offer has been fixed at Rs 84 per share.

Also Read: Protean eGov Technologies IPO | Check allotment & listing dates, grey market premium

The company will use the proceeds to meet working capital requirements and the remaining fund will be utilized for general corporate purposes. The promoters of the company are Nikhilkumar Y Thakkar, Amitbhai Shambhulal Thakkar, Bhagyesh Kiritbhai Parekh and Bharatkumar V Thakkar.

Sunrest Lifescience offers a diverse range of healthcare and personal care products. The company gets its products manufactured by third parties. It has 43 third-party manufacturers across Gujarat, Punjab, Maharashtra, Haryana, Himachal Pradesh, Uttarakhand and Madhya Pradesh.