Zen Technologies Kicks Off ₹800 Crore QIP at ₹1,685.18 Per Share—Get the Latest on Their Bold Fundraising Move!

Zen Technologies has launched its Qualified Institutional Placement (QIP) today, setting the floor price at ₹1,685.18 per share. This is about 6% lower than today’s closing price of ₹1,782.95 on the NSE.

The company is looking to raise ₹800 crore through this QIP, according to CNBC TV18. Earlier, on January 27, 2024, the board had approved a fundraising plan of up to ₹1,000 crore. Zen Technologies has also mentioned that they might offer a discount of up to 5% on the floor price for this issue.

Today, the stock price surged by ₹84.90, or 5%, compared to Tuesday’s closing price.

Zen Technologies’ shares have given significant returns of 120% over the past year, outperforming the Nifty50 index, which saw a 28% return in the same period. So far in 2024, the stock has delivered a 14% return. Currently, the stock is trading above its 50-day and 200-day simple moving averages (SMAs) of ₹752 and ₹617, respectively. This rally has pushed the stock into an overbought zone, with the Momentum Indicator (MFI) reported at 72 by Trendlyne. An MFI above 70 is considered overbought.

Founded in 1993, Zen Technologies Limited is based in Hyderabad and specializes in designing, developing, and manufacturing combat training solutions for defense and security forces worldwide. The company also offers Counter-Drone Solutions to protect borders and critical infrastructure. Zen Technologies has over 40 products in its portfolio, including training systems for individual and group training and Counter-Drone Solutions. The company also has offices in the UAE and the USA.