BSE SME: Eastern Logica Infoway jumps on debut

Shares of Eastern Logica Infoway were trading at Rs 259 at 10:16 IST on the BSE, a premium of 15.11% compared with the issue price of Rs 225.

The scrip was listed at Rs 270, representing a premium of 20% compared with the initial public offer (IPO) price.

So far, the scrip hit a high of Rs 283.50 and a low of Rs 256.50. Over 56,000 shares of the company have changed hands in the counter till now.

The IPO of Eastern Logica Infoway was subscribed 1.74 times. The issue opened for bidding on 5 January 2023 and it closed on 9 January 2023. The issue price is fixed at Rs 225 per share.

The issue comprised a fresh issue of 6,64,200 equity shares, aggregating to Rs 14.94 crore and an offer for sale of 88,800 equity shares, aggregating to Rs 1.99 crore. The promoter and promoter group shareholding diluted to 73.59% post IPO from 100% pre-IPO.

The company intends to utilize the net proceeds from the issue to meet the working capital requirements of the company and also for general corporate purposes.

Eastern Logica Infoway was incorporated as 'Oswal Infotech', a private limited company under the Companies Act, 1956 on 28 July 1995. It is engaged in multi-brand retail and retail selling as well as distribution of branded smart phones, CIT hardware, software and allied accessories and services. It also provides networking and security solution to our consumers.

The company has a fair market presence with over 25 years of experience. As on 31 August 2022, the company has 8 retail stores and 3 distribution centres and virtual offices across 11 cities in the country and a total of 95 employees.

The company recorded total income of Rs 615.58 crore and net profit of Rs 2.85 crore for the year ended on 31 March 2022.

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