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The scrip was listed at Rs 71, up 51% over the initial public offer (IPO) price. The counter hit a high of Rs 74.55 and a low of Rs 67.45 so far. About 34.32 lakh shares of the company changed hands at the counter.
Newjaisa Technologies' IPO was subscribed 4.61 times. The issue opened for bidding on 25 September 2023 and it closed on 27 September 2023. The price band of the IPO was Rs 44 to Rs 47 per share.
The IPO comprised fresh issue of 84,96,000 shares. The company intends to utilize the net proceeds for expansion of refurbishment facility and purchase of plant, machinery and equipment, investment in technology development, branding & marketing, funding working capital requirement, Repayment of Bank facilities and general corporate purposes.
Ahead of the IPO, Newjaisa Technologies on 22 September 2023, raised Rs 11.36 crore from the anchor investors. The board allotted 24,18,000 shares at Rs 47 per share to 5 anchor investors.
Newjaisa Technologies is engaged into direct sales of IT products i.e laptops/ chromebooks, desktops/chromeboxes/ monitors and accessories (keyboard, mouse, WiFi, Speakers) which is its key revenue model. The company currently focused and operates in Indian market and caters to Pan India customer base via ecommerce and online platforms and caters its products across industries. The four key customer segments include students, home users, SME and working professionals. As on 31 August 2023, the company has 99 employees and 248 interns.
The company recorded revenue from operations of Rs 44.52 crore and net profit of Rs 6.75 crore for the period as on 31 March 2023.
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