Service Care’s IPO, which raised Rs 20.68 crore and was open between July 14-18, saw significant interest from retail investors. The issue was oversubscribed 6.44 times, with retail investors subscribing at 10.54 times. The IPO shares were priced at Rs 67 (Service Care Issue Price), and upon listing on NSE’s SME platform at Rs 70.90, retail investors gained about 6%. However, post-listing, the share price declined and currently stands at Rs 67.35 (Service Care Share Price), resulting in a marginal half percent profit for IPO investors.
Service Care’s IPO: Retail Investors Show Significant Interest
The company primarily offers workspace administration and management services. Under Workspace Administration Services, it provides professional facility management services, while under Workspace Management Services, it offers HRMS and HROS services. The company’s financial health has shown promising growth, with a net profit of Rs 23.46 lakh in the financial year 2021, which increased to Rs 1.74 crore in the next financial year.
Impressive Oversubscription: Retail Investors Subscribe 10.54 Times
In the last financial year from April 2022 to January 2023, Service Care recorded a net profit of Rs 3.02 crore, accompanied by continuous growth in standalone revenue from Rs 89.33 crore to Rs 132.17 crore. The funds raised from the IPO will be utilized for increased working capital requirements, meeting IPO expenses, and general corporate purposes.
