The ongoing initial public offering (IPO) of HRH Next Services Ltd has garnered significant attention from investors, reaching a subscription of 4.68 times by 11:09 am on the second day of bidding. With the IPO amounting to Rs 9.57 crore, the company has received bids for 1,18,14,000 shares against the 25,23,000 shares on offer.
The IPO, open until December 29, saw swift subscription within hours of its launch on December 27. Non-institutional investors subscribed 1.70 times, while the retail individual investors (RIIs) category showed robust interest, reaching a subscription of 7.67 times.
Priced at Rs 36 per share, the IPO has witnessed a Grey Market Premium (GMP) of Rs 8, indicating a 22.23% expected listing gain. The GMP, subject to market sentiments, is a key indicator of investors’ willingness to pay more than the issue price.
The IPO allotment is scheduled for January 1, and listing on the SME NSE is set for January 3. The issue comprises an entirely fresh offering of 26.58 lakh shares, with a minimum lot size of 3,000 shares, requiring a minimum investment of Rs 1,08,000 for retail investors.
HRH Next Services Limited, incorporated in February 2007, specializes in business process outsourcing services, including chat support, backend support, voice support, and email support. In the financial year 2022-23, the company reported a profit after tax of Rs 3.47 crore and revenue of Rs 51.24 crore.
Finshore Management Services Limited serves as the book running lead manager for the HRH Next Services IPO, and Cameo Corporate Services Limited acts as the registrar, with Nikunj Stock Brokers as the market maker.