Infollion Research Services IPO opens on 29th May 2023

PNN, Mumbai, May 25: Infollion Research Services Limited, a leading company operating in the B2B Human Cloud segment catering to on-demand contingent hiring of subject matter experts, has announced its plans to go public with an Initial Public Offering (IPO) on May 29th, 2023.

The company is aiming to raise up to Rs 21.45 crore through this IPO, with shares set to be listed on the NSE EMERGE platform.

* Issue Size - 26,16,000 equity shares of Rs 10 each

* Fresh Issue Size - 22,24,000 equity shares of Rs 10 each

* Offer for Sale - 3,92,000 equity shares of Rs 10 each

* Issue Size - Rs 20.93 crore - Rs 21.45 crore

* Price Band - Rs 80 - Rs 82

* Market Lot Size - 1,600 Equity Shares

Equity Share Allocation

* Qualified Institutional Buyers (QIB) - 12,08,000 Equity Shares

* Non-Institutional Investors (NII) - 4,04,800 Equity Shares

* Retail Individual Investors (RII) - 8,70,400 Equity Shares

* Market Maker - 1,32,800 Equity Shares

The net proceeds from the IPO will be utilized to fund expansion of the current service line in the US and Western European region, adding new categories of freelancer and technology development. The issue closes on May 31st, 2023.

The Lead Manager to the Issue is Holani Consultants Private Limited and The Registrar to the Issue is Link Intime India Private Limited.

Gaurav Munjal - Promoter and Managing Director of Infollion Research Services Limited said,

"After emerging as the leading home-grown expert network, the IPO is a significant milestone in our journey towards global expansion. Our aim is to provide quality services leveraging our talented team while pursuing international expansion. The funds raised through the IPO will be instrumental in fueling our growth and enhancing our presence in the US and Western European markets.

With these resources, we can invest in advanced technology, infrastructure, and talent acquisition, enabling us to deliver even higher levels of service excellence. By expanding into these key regions, we seek to tap into new client bases, establish strategic partnerships, and explore untapped market opportunities."

Ashok Holani, Managing Director, Holani Consultants Private Limited, BRLM to the issue, said,

"We firmly believe that IPO will provide Infollion Research Services Limited with the essential resources needed to expand its business in the international market and strengthen its position within the B2B Human Cloud segment.

We are confident that the funds raised through this offering will act as a catalyst for Infollion Research Services' international growth plans. By strategically utilizing these resources, the company will be able to enhance its operations, penetrate new markets, and establish a stronger global presence. This expansion will enable Infollion Research Services to access a wider client base."

(Disclaimer The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)

Infollion Research Services' IPO opens on 29th May 2023
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