The scrip was listed at Rs 209, at a premium of 154.88% to the issue price. The scrip hit a high of Rs 218 and a low of Rs 198.55. About 9.61 lakh shares of the company changed hands at the counter.
The initial public offer (IPO) of Infollion Research Services subscribed 187.75 times. The issue opened for bidding on 29 May 2023 and it will close on 31 May 2023. The IPO price band was fixed at Rs 80 - 82 per share.
The IPO comprised issue of 26,16,000 equity shares, which included fresh issue of upto 22,24,000 equity shares and offer for sale of upto 3,92,000 equity shares from selling shareholders.
Ahead of the IPO, Infollion Research Services on 26 May 2023, raised Rs 5.94 crore from anchor investors. The board allotted 7,24,800 shares at Rs 82 per share to 2 anchor investors.
The company intends to utilize the net proceeds for expansion of current service line in the US and Western European regions, pex-panel- adding new categories of freelancers, technology development and general corporate purpose.
Infollion Research Services is a tech-oriented marketplace, operating in the B2B human cloud segment, catering to on-demand contingent hiring and work arrangements with senior management talent, subject matter experts, and high-ranking, seasoned professionals. It provides a platform for workers or knowledge providers (gig workers) and employers or knowledge seekers to connect and find synergetic outcomes. Its key clients include top-tier global management consulting firms, renowned private equity funds, hedge funds, and mid-tier corporates. As on 30 April 2023, the company has total 117 employees.
The company recorded a revenue from operations of Rs 35.03 crore and net profit of Rs 5.57 crore for the period ended on 31 March 2023.