MUMBAI: Leading staffing and recruitment company ITCons e-Solutions Ltd is planning to launch its SME IPO on February 28. ITCONS E-Solutions Ltd’s Rs. 8.67 crore public issue on BSE SME platform opens for subscription on February 28
The Company raised Rs. 8.67 crore is planning to collect. Finshore Management Services Limited is the lead manager of the issue. The public issue will close on March 2.
In the IPO per share Rs. 51 at a price (including premium of Rs. 41 per equity share) to Rs. 17 lakh equity shares of face value of 10 will be re-issued at a value of Rs. 8.67 crores. The minimum lot size for application is 2,000 shares worth Rs. 1.02 lakhs.
Sharing more details, Mr. Gaurav Mittal, MD & CEO, ITCons E-Solutions Limited said, “We are proud to launch this IPO on the BSE SME Exchange. We believe that it is due to our continuous efforts and growth over this decade that it has been possible to reach this stage. The next strategy for the company is not only to come up with a public issue and share its growth journey with more people, but also to raise more assets to strengthen the company’s future trajectory and venture into new areas of operations. We have always strived to provide the most innovative staffing and recruitment solutions and the IPO will further our efforts. We hope that after the proposed public issue we will be able to execute our growth strategy in a manner that maximizes value creation for all stakeholders while continuing to deliver quality services.”
Established in 2007 New Delhi based ITCons e-Solutions Limited is engaged in the business of providing Human Resource services to both public and private organizations mostly in the organized sector in various roles and responsibilities.
And it mainly consists of 1) Manpower Supply/Recruitment Services and 2) Manpower Sourcing/Staffing Services. The company today has a staff team of 800+ (including contract employees) and provides services in various segments like Staffing & Recruitment, Information Technology, FMCG, Food etc.
The company has had strong operational and financial performance over the past few years. For the financial year 2021-22, the company has invested Rs. 18.20 crore revenue, Rs. 1.80 crore Ebitda and Rs. 1.19 crores and return on net worth was 53.31%. For the six months ended September 2022 Rs. 16 crore revenue and Rs. 1.06 crore net profit was recorded.
After the issue, the share capital of the company before the public issue was Rs. 3.33 crore to Rs. 5.03 crore will be. After the public issue, the total net worth of the company increased to Rs. 13.29 crore which before the issue was Rs. 4.62 crores. The promoters and the promoters group hold 89.67% stake in the company. After the IPO, the promoter group holding will be 59.36%.