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08 Nov 2024
The shares of Sattrix Information Security were listed on the BSE SME platform with a premium of 24% on Wednesday. The stock debuted at Rs 150 as against an issue price of Rs 121 per share.
Ahead of the listing, the company's shares traded with a premium of Rs 15 in the unlisted market.
The IPO, which was a completely fresh equity sale of 18 lakh shares, received a healthy response from investors with an overall subscription of 70 times at close.
Net proceeds are proposed to be used for technological enhancements, research, innovation, and the development of new solutions. Further, a significant portion will be directed toward enhancing the security operations center (SOC) and network operations center (NOC) setup.
Sattrix Information Security is in the business of developing customer-centric cybersecurity solutions. The company aims to deliver end-to-end cybersecurity services to enterprises in India, the US and the Middle East (UAE).
The company offers a range of cybersecurity services, including assessments to identify weaknesses, professional services that encompass technology consultation and transformation initiatives such as cloud migration and digital transformation, and managed services for 24/7 support.
By collaborating with numerous government and non-government organizations, Sattrix has significantly expanded its clientele during the last fiscal year. In addition to its strong IT and cybersecurity offerings.
The company is also planning a concerted effort to strengthen presence in India, with a strategic emphasis on tapping into enterprise SMBs, and the mid-market segment.
It is a significant milestone for us, and we believe it will provide us with the necessary resources and exposure to achieve our long-term growth objectives and strengthen our market presence," said Sachhin Gajjaer, MD, Sattrix Information.
ISK Advisors acted as the sole book-running lead manager to the public offer and Bigshare Services was the registrar.
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