Service Care share price reverses gains after listing at 5.8% premium
₹70.90 per share, 5.8 percent higher than the issue price of ₹67 on the NSE SME exchange. Post listing, Service Care share price was locked at 5% lower circuit at ₹67.35. The Service Care IPO is a small- and medium-sized enterprise IPO that consists of a fresh equity issue of up to 30.86 lakh shares for a maximum of ₹20.68 crore.
The company has set the price band for the offering at ₹63-67 per share. The company plans to use the offering proceeds for general corporate purposes and additional working capital requirements. With regard to the offer, Service Care set aside around 50% for qualified institutional buyers (QIB), 15% for non-institutional investors (NII), and the remaining 35% for retail investors.
The lead manager to the issue is Swastika Investmart. Service Care Ltd provides integrated services for managing payrolls and facilities. It provides services to customers across a range of industries, including engineering, education, manufacturing, infrastructure, government & banking, information technology, and healthcare.
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