Shares of HRH Next Services debuted on the NSE SME platform on Wednesday with a premium of 13.9%. The stock listed at Rs 41 as against an issue price of Rs 36.
Ahead of the listing the company’s shares commanded a premium of Rs 8.
The IPO received a healthy response from investors with a subscription of 66 times at close. While the retail investors category was booked 63 times, other investors’ part was subscribed nearly 67 times.
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The public offer was completely a fresh equity issue of 26.58 lakh shares with a face value of Rs 10 apiece. Through the issue, the company aimed to raise about Rs 9.57 crore.
The net proceeds from the public offer will be used for expansion of its services, capex, working capital requirements and other general corporate expenses.
Incorporated in 2007, HRH Next Services has been in quality management services for more than a decade. It is engaged in the business process outsourcing (BPO) industry offering a comprehensive suite of call centre services, covering inbound services, outbound services, backend support, chat support, email support and more.
The company specializes in providing end-to-end solutions by customization to meet specific business needs, helping the clients achieve their objectives. It caters to various industries including telecom, foodtech, autotech, e-commerce, fintech, education, healthcare, government, banking etc.
Production of Software and ITeS for the domestic market is estimated to be $50 billion registering a growth of 13.64% over the year 2020-21 when the domestic software production was estimated at $44 billion.
For the six month period ended September 2023, the company clocked revenues of Rs 21.52 crore. Net profit for the same period stood at Rs 1.5 crore.
Finshore Management acted as the lead manager to the issue and Cameo Corporate Services was the registrar.
