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The initial public offer (IPO) of Eastern Logica Infoway received bids for 64,800 shares as against 7,53,000 shares on offer, as per BSE data as at 17:09 IST on Thursday (5 January 2023). The issue was subscribed 0.09 times.
The issue opened for bidding on Thursday (5 January 2023) and it will close on Monday (9 January 2023). The issue price is fixed at Rs 225 per share. The minimum order quantity is 600 shares.
The issue comprises of a fresh issue of 6,64,200 equity shares, aggregating to Rs 14.94 crore and an offer for sale of 88,800 equity shares, aggregating to Rs 1.99 crore. The promoter and promoter group shareholding will dilute to 73.59% post IPO from 100% pre-IPO.
The company intends to utilize the net proceeds from the issue to meet the working capital requirements of the company and also for general corporate purposes.
Eastern Logica Infoway was incorporated as ‘Oswal Infotech', a private limited company under the Companies Act, 1956 on 28 July 1995. It is engaged in multi-brand retail and retail selling as well as distribution of branded smart phones, CIT hardware, software and allied accessories and services. It also provides networking and security solution to our consumers.
The company has a fair market presence with over 25 years of experience. As on 31 August 2022, the company has 8 retail stores and 3 distribution centres and virtual offices across 11 cities in the country and a total of 95 employees.
The company recorded total income of Rs 615.58 crore and net profit of Rs 2.85 crore for the year ended on 31 March 2022.
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