NSE SME Slone Infosystems sizzles on debut

Shares of Slone Infosystems were quoting at Rs 112.60 on the NSE, a premium of 42.53% compared with the issue price of Rs 79.

The scrip was listed at Rs 118.50, a premium of 50% compared with the initial public offer (IPO) price. The stock is currently frozen in its lower limit of 5% over its listing price.

The counter hit a high of Rs 119.45 and a low of Rs 112.60. About 8.16 lakh shares of the company changed hands at the counter.

Slone Infosystems' IPO was subscribed 616.14 times. The issue opened for bidding on 3 May 2024 and it closed on 7 May 2024. The price of the IPO was fixed at Rs 79 per share.

The IPO comprised fresh issue of 14,00,000 equity shares. The promoter and promoter group shareholding diluted to 73.01% from 99.43% pre-IPO.

The company intends to utilise the net proceeds to meet capital expenditure towards purchase of laptops, desktops, SSD and RAM, repayment/prepayment of certain borrowings availed by company and general corporate purposes.

Slone Infosystems is engaged in selling and renting of IT equipment and provides IT service solutions in India. The company deals in selling and renting of IT equipment like laptops, desktops, servers, and workstations. The company also provides IT solution services like managing cloud servers, servicing of IT equipment to corporates. It also provides custom-made solutions to its clients for their IT requirements. The company has 8 employees on payroll basis and 6 employees on contract basis.

The company recorded revenue from operations of Rs 34.07 crore and net profit of Rs 2.84 crore for the period as on 31 December 2023.

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