Sattrix IPO Makes Impressive Debut on BSE SME, Lists at 23.96% Premium

Sattrix Information Security Ltd (BSE: SME), a distinguished IT and Cyber Security Solution provider, made a remarkable debut on the BSE SME platform today, listing at INR 150/- with a premium of 23.96% over its issue price. The IPO, which opened for subscription from June 5 to June 7, received an overwhelming response from investors, with an overall subscription of over 70 times.

The total issue comprised 18 lakh shares priced at Rs 121 per share. Investors were required to apply for a lot of 1,000 shares, translating to an investment of Rs 1,21,000, which got listed at Rs. 150/- with a profit of Rs. 29,000/- as a listing gain per lot. Retail investors showed substantial interest, booking their reserved portion nearly 38 times, with bids coming in for 3.22 crore shares against 8.54 lakh shares on offer. In other categories, the IPO saw even more enthusiastic participation, being subscribed 88 times, with bids submitted for 7.5 crore shares against the same 8.54 lakh shares on offer. Overall, the IPO received bids for 12.03 crore equity shares against the 17.08 lakh shares available.

Sattrix Information Security Ltd, with a significant presence in the Middle East, America, and India, aims to leverage the raised capital to fuel its expansion initiatives, thereby strengthening its market presence. The strategic roadmap includes substantial investments in several strategic initiatives, including technological enhancements and research, innovation and development of new solutions, and the expansion and enhancement of the Security Operations Centres (SOC) and Network Operations Centres (NOC).

Furthermore, Sattrix plans to strengthen its presence in India, with a strategic focus on tapping into the enterprise SMBs and mid-market segments. This expansion underscores Sattrix's commitment to growth and innovation in the Indian market.

Commenting on this robust response to the IPO, Mr. Sachhin Gajjaer, Managing Director & Founder said. "We are thrilled with the overwhelming response to our IPO, which reflects the confidence investors have in our company's vision and growth trajectory. Over the past 10 years, Sattrix Information Security Ltd. has navigated numerous challenges and obstacles to reach this significant milestone. This achievement is a testament to the dedication and hard work of our team, the unwavering support from our clients and partners, and the belief of our investors in our mission. We are immensely grateful to everyone who has been part of our journey and contributed to our success. Together, we have built a strong foundation, and we look forward to continuing our growth and innovation in the cybersecurity industry."

Sattrix's comprehensive range of cybersecurity services includes assessments, professional consultations, and managed services, providing clients with round-the-clock support. The company has demonstrated robust growth, reporting a 68% year-over-year increase in FY23-24. By collaborating with numerous government and non-government organizations, the company has significantly expanded its clientele over the last fiscal year. Beyond its strong IT and cybersecurity offerings, Sattrix has diversified its service portfolio to help transform technology and operations within enterprises.

Shares of Sattrix Information Security Limited was last trading in BSE at Rs. 157.50 as compared to the previous close of Rs. 0.00. The total number of shares traded during the day was 1133000 in over 966 trades.

The stock hit an intraday high of Rs. 157.50 and intraday low of 142.50. The net turnover during the day was Rs. 169094350.00.

Source : Equity Bulls

Keywords

SattrixInformationSecurity ITEnabledServices ITES INE0QUV01010 IPO BSESME Listing