BSE SME 3C IT Solutions & Telecoms (India) drops on listing day

Shares of 3C IT Solutions & Telecoms (India) were quoting at Rs 45.16 on the BSE, a discount of 13.15% compared with the issue price of Rs 52.

The scrip was listed at Rs 43.01, a discount of 17.29% compared with the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.

The counter hit a high of Rs 45.16 and a low of Rs 43.01. About 3.44 lakh shares of the company changed hands at the counter.

3C IT Solutions & Telecoms (India)'s IPO was subscribed 24.89 times. The issue opened for bidding on 4 June 2024 and it closed on 7 June 2024. The price of the IPO was fixed at Rs 52 per share.

The issue size comprised of fresh issue of 17,00,000 and offer for sale (OFS) of 5,00,000 shares by existing shareholders.

The company intends to utilize the net proceeds to meet working capital requirement, repayment or prepayment of certain borrowings availed by the company and general corporate purpose.

3C IT Solutions & Telecoms (India) offers customized IT solutions to sectors like pharmaceutical, education, banking, manufacturing, and healthcare. It provides outstanding system integration services through partnerships and proven expertise. The company evaluates existing systems, identifies problems, and builds futuristic, cost-efficient solutions for holistic and seamless IT expansion. As on 31 March 2024, the company has 25 employees on payroll basis.

The company recorded revenue from operations of Rs 23.18 crore and net profit of Rs 0.50 crore for the period as on 31 December 2023.

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