BSE SME Finelistings Technologies sees gains on first day

Shares of Finelistings Technologies were quoting at Rs 133.35 on the NSE, a premium of 8.41% compared with the issue price of Rs 123.

The scrip was listed at Rs 127, a premium of 3.25% 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 133.35 and a low of Rs 127. About 4.73 lakh shares of the company changed hands at the counter.

Finelistings Technologies' IPO was subscribed 35.51 times. The issue opened for bidding on 7 May 2024 and it closed on 9 May 2024. The price of the IPO was fixed at Rs 123 per share.

The IPO comprised fresh issue of 16,00,000 equity shares. The promoter and promoter group shareholding will dilute to 49.98% from 71.65% Pre-IPO.

The company intends to utilize the net proceeds to meet working capital requirements of the company, purchase of software and general corporate purposes.

Finelistings Technologies is engaged in diversified a business such as retail of pre-owned luxury car, software development services. It focuses on digital transformation, data analytics, technology consulting, infrastructure, and security needs for their customers. Their offerings include cloud-based services, IT consulting, big data analytics, cloud architecture, data engineering, IoT solutions, and business intelligence analytics. Under pre-owned luxury car retail business, it has a limited presence in the pre-owned value chain, offering after-sales services and repairs through affiliated service centers. They also assist clients in securing financial assistance from third-party financers. As on 31 March 2024, the company has 8 employees.

The company recorded revenue from operations of Rs 13.59 crore and net profit of Rs 2.67 crore for the period as on 29 February 2024.

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