Sattrix Information Security had a strong debut on the stock market, with its shares listing at ₹150 each, a premium of 24% compared to its issue price of ₹121. This impressive start followed a robust response to the Sattrix Information IPO.
By 10:30 am on Wednesday, June 12, the stock was trading even higher at ₹152 per share. During this time, the Sensex, a key stock market index, was up by 0.60% at 76,918 points.
Strong IPO Response
The IPO, which aimed to raise ₹21.78 crore, was open for subscription from June 5 to June 7, 2024. It saw significant interest from investors, with an overall subscription rate of 70.44 times. Retail investors subscribed 37.76 times, while non-institutional investors subscribed a hefty 87.88 times.
The funds raised from the IPO will be used for various purposes including capital expenditures, business expansion, and working capital requirements.
Sattrix Information Security operates in the IT-enabled services sector, specializing in customer-oriented cybersecurity solutions. The company designs and builds data security solutions both in the cloud and on-premise, tailored to its clients’ needs.
Market Performance
In the broader market, both the Sensex and Nifty 50 indices saw healthy gains in the morning session. The Nifty 50 hit a new record high of 23,420.35, while the Sensex was nearing the 77,000 mark. HDFC Bank, ICICI Bank, and Reliance Industries were among the top contributors to these gains.
Overall, the market rally was widespread, with the BSE Midcap and Smallcap indices also rising nearly a percent each. Several sectors, including Capital Goods, Oil & Gas, Energy, Industrials, and Telecom, witnessed gains of over one percent in the morning session.
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