Pune e-Stock Broking pops on listing

Shares of Pune e-Stock Broking were quoting at Rs 123.50 on the BSE, a premium of 48.80% compared with the issue price of Rs 83.

The scrip was listed at Rs 130, a premium of 56.63% compared with the initial public offer (IPO) price. The stock is currently frozen in a lower limit of 5% over its listing price.

The counter hit a high of Rs 136.50 and a low of Rs 123.50. About 17.63 lakh shares of the company changed hands at the counter.

Pune e-Stock Broking's IPO was subscribed 221.12 times. The issue opened for bidding on 7 March 2024 and it closed on 12 March 2023. The price band of the IPO was fixed at Rs 78 to 83 per share.

The IPO comprised fresh issue of 46,06,400 shares. The promoter and promoters shareholding diluted to 51.34% from 72.75% pre-IPO.

The company intends to utilize the net proceeds of issue to meet funding the working capital requirements, public issue expenses and general corporate purposes.

Ahead of the IPO, Pune E-tock Broking on 6 March 2023, raised Rs 9.73 crore from anchor investors. The board allotted 11.72 lakh shares at Rs 83 per share to 4 anchor investors.

Pune e-Stock Broking Company primarily offers a platform to its clients for the execution of trades (equity, futures & options, currency, and commodity) with the stock exchange (NSE, BSE, MCX) through CTCL (Computer to Computer Link) terminals, web interfaces, & mobile app (Android & iOS). The companys client base includes authorized persons (spread across more than 10 cities) as well as direct clients. The total count of clients was 60,640 as of March 2023. The company has 2 branch offices in Ahmadabad & Delhi. As of 30 September 2023, company has 79 employees.

The company recorded consolidated revenue from operations of Rs 26.67 crore and net profit of Rs 6.10 crore for the period as on 30 September 2023.

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