The IPO of Infollion Research Services will kick off for subscription on Monday, May 29 and investors can bid the offer till Wednesday. The initial public offering (IPO) of Infollion Research Services will kick off for subscription on Monday, May 29, and investors can bid for the offer till Wednesday. The price band for the issue has been fixed at Rs 80-82 apiece. The company is likely to get listed on June 8, 2023.
Incorporated in 2009, Infollion Research Services operates in the niche segment of the B2B Human Cloud segment. It is a tech-oriented marketplace catering to on-demand contingent hiring and work arrangements with senior management talent, subject matter experts, and high-ranking, seasoned professionals.
Infollion Research Services intends to raise Rs 21.45 crore from its maiden offering where it will sell 26,16,000 equity shares with a face value of Rs 10 each. The primary offering includes issuance of 22,24,000 fresh equity shares, while existing shareholders and promoters will offload 3,92,000 equity shares via the offer-for-sale (OFS) route.
Net proceeds from the issue will be utilized towards the expansion of the current service line in the US and Western European regions, adding new categories, technology development and general corporate purposes, the company said. Infollion Research Services act as a bridge between knowledge providers (gig workers) and employers or knowledge seekers to connect and find synergetic outcomes. The proprietary technology stack and research capabilities empower the Company to assist its clients in connecting with custom-curated, precise, and vetted subject matter experts.
The company has a fixed lot size of 1,600 equity shares with each lot costing Rs 1,31,200. Retail investors can bid for only a lot or 1,600 equity shares, while HNI investors can bid for a minimum of two lots or 3,200 equity shares costing Rs 2,62,400.
1,32,800 equity shares have been reserved for Holani Consultants, as the market maker portion. Not more than 48.65 per cent of the net offer has been reserved for qualified institutional buyers (QIBs), while 16.30 per cent shares of the net offer will be reserved for non-institutional bidders. Retail investors will get the remaining 35.05 per cent of the net offer.
Holani Consultants is the lead manager to the issue, while Link Intime India has been appointed as the registrar. Shares of the company will be listed at the SME platform of the National Stock Exchange (NSE).