ROX Hi-Tech, a specialist in distributed IT solutions and managed print services, made a stellar debut on the NSE SME platform as its stock soared by an impressive 62.6% on its first trading day. The stock opened at ₹135, reflecting a substantial premium over its initial public offering (IPO) price range of ₹80-83 per share.
The IPO, conducted from Tuesday to Thursday the previous week, garnered significant interest across various investor segments, including non-institutional buyers, retail investors, and qualified institutional buyers. The successful IPO raised ₹54.49 crore, showcasing strong investor confidence in the company. Promoters Jim Rakesh and Sukanya Rakesh played a key role in the offering.
Ahead of its listing, ROX Hi-Tech’s stock exhibited a robust debut in pre-listing trading, evidenced by a high premium in the grey market, as indicated by the Grey Market Premium (GMP). The actual listing surpassed expectations, with the stock reaching an intraday high of ₹141.75.
The funds raised through the IPO are earmarked for strategic expansion and technological advancements. ROX Hi-Tech plans to utilize the capital for key projects, including the establishment of a network and security operations center, the development of a medical automation center in Chennai, and the creation of a global software delivery center in Noida. These initiatives align with the company’s broader strategy to enhance service capabilities and extend its market reach.
Highlighting further support for ROX Hi-Tech’s vision, four anchor investors contributed ₹13.12 crore to the venture. The successful debut positions ROX Hi-Tech as a promising player in the IT solutions and managed print services sector.