EverestIMS Technologies IPO GMP at 74% ahead of listing tomorrow; issue subscribed 274x

Shares of Bengaluru-based software company EverestIMS Technologies are commanding a strong premium in the grey market ahead of their debut on the BSE SME platform on October 8, signalling robust investor interest ahead of the listing.

The EverestIMS Technologies IPO grey market premium (GMP) is around 74% over the issue price on the morning of October 7, according to InvestorGain. However, investors must note that the grey market trends are unofficial and do not guarantee the actual listing price.

The strong grey market sentiment comes after the company's maiden public issue received an overwhelming response from investors. The IPO was subscribed 273.67 times on the final day of bidding on October 5.

The company had aimed to raise Rs 48.45 crore through the IPO, which comprised 57 lakh shares offered in the price band of Rs 80–85 per share.

The issue included a fresh issue of 45.93 lakh shares and an offer-for-sale (OFS) of 11.07 lakh shares by promoters and employees.

Investors placed bids for 111.87 crore equity shares against the 40.88 lakh shares available for subscription, through 2.04 lakh applications.

Demand was particularly strong among non-institutional investors (NIIs), whose portion was subscribed 406.34 times. The retail portion was subscribed 268.29 times, while the qualified institutional buyers (QIBs) category received bids for 148.63 times the shares on offer.

At the upper price of Rs 85 per share, the IPO attracted bids worth around Rs 9,510 crore, significantly higher than the amount the company sought to raise.

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EverestIMS Technologies is expected to make its debut on the BSE SME platform on October 8.

The company was expected to finalise the IPO share allotment on October 6, following the conclusion of the bidding process.

The IPO was priced at Rs 80–85 per share, giving the company a valuation of around Rs 184 crore at the upper end of the price band.

Of the net proceeds from the fresh issue, the company plans to allocate Rs 5.65 crore towards purchasing IT hardware for setting up an artificial intelligence innovation and experience laboratory during the current financial year.

Another Rs 24 crore will be used to meet the company's working capital requirements. The remaining funds will be deployed towards general corporate purposes.

About EverestIMS Technologies

EverestIMS Technologies provides software-as-a-service (SaaS) and on-premises software products and services focused on digital transformation, IT operations and service management.

The company also offers AI-enabled product solutions, with its IPO proceeds partly earmarked for building capabilities in artificial intelligence.

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