Investing
ROX Hi-Tech stock soars 62.6% in NSE SME debut
© Reuters.
ROX Hi-Tech, a company specializing in distributed IT solutions and managed print services, saw its stock surge on its first trading day on the NSE SME platform, reflecting strong investor confidence. The share opened at ₹135, a significant 62.6% premium over its initial public offering (IPO) price of ₹80-83 per share.
The IPO, which took place between Tuesday and Thursday last week, attracted substantial interest from various investor segments, including non-institutional buyers, retail investors, and qualified institutional buyers. The offering successfully raised ₹54.49 crore, thanks to the efforts of promoters Jim Rakesh and Sukanya Rakesh.
In pre-listing trading, the company’s stock already hinted at a robust debut by fetching a high premium in the grey market, as reflected by the Grey Market Premium (GMP). This anticipation was validated today when the stock touched an intraday high of ₹141.75.
The capital amassed from the IPO is earmarked for strategic expansion and technological advancements. ROX Hi-Tech has outlined plans to utilize the funds for several key projects:
- Capital expenditure for establishing network and security operations.
- Development of a medical automation center located in Chennai.
- Creation of a global software delivery center situated in Noida.
These initiatives are part of the company’s broader strategy to enhance its service capabilities and market reach. Additionally, four anchor investors have shown their support for ROX Hi-Tech’s vision by contributing ₹13.12 crore (INR10 crore = approx. USD1.2 million) to the venture.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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