The initial public offer (IPO) of ITCONS E-Solutions received bids for 2,70,94,000 shares as against 17,00,000 shares on offer. The issue was subscribed 15.93 times.

The qualified institutional buyers (QIBs) category received 42,000 bids. The non institutional investors category received bids for 1.29 crore shares. The retail individual investors (RIIs) category received bids for 1.40 crore shares.

The issue opened for bidding on Tuesday (28 February 2023) and it closed on Thursday (2 March 2023). The IPO price was fixed at Rs 51 per share. The equity shares are proposed to be listed on the SME platform of BSE.

The IPO comprised fresh issue of 17,00,000 equity shares of face value of Rs 10 each. Of which 86,000 equity shares are reserved for subscriptions by the market maker to the issue.

The issue and the net issue will constitute 33.81% and 32.10% respectively of the post issue paid up equity share capital of the company.

The promoter and promoter group shareholding will dilute to 59.36% post IPO from 89.67% pre-IPO.

The company proposes to utilize the funds to meet the working capital requirements; to meet the issue expenses; and general corporate purposes.

ITCONS E-Solutions is in the business of providing human resource services to both public and private organizations mostly in organized sector in diverse roles and responsibilities since 2007. Its services primarily include manpower supply/recruitment services; and manpower sourcing/staffing services.

As on 30 November 2022, the company had 38 employees.

The company recorded a revenue from operations of Rs 16.05 crore and net profit of Rs 1.06 crore for the period ended on 30 September 2022.

As on 30 September 2022, the manpower supply services segment accounts for 97.62% of the company's total revenues, while manpower sourcing services segment contributes to 2.38% of the total revenues.