Esconet Technologies files DRHP with SEBI for NSE SME listing

The company’s initial public offering includes a fresh issue of 33,60,000 equity shares, each having a face value of ₹10. The issue’s book running lead manager is Corporate Capital Ventures, with Skyline Financial Services serving as the registrar.

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As per the DRHP document, Esconet will utilise ₹16 crore of the IPO proceeds to meet its long-term working capital needs. Additionally, it plans to invest ₹2.5 crore in ZeaCloud Services Private Limited, its wholly-owned subsidiary, to strengthen its infrastructure through the purchase of extra hardware and software. The objective is to increase capacity, strengthen security protocols, and improve overall monitoring capabilities.

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In addition to offering SMEs, large corporations, and public sector clients a full range of IT solutions, including data storage, networks, security, virtualisation, and data protection, the company with its headquarters in New Delhi also manufactures high-performance supercomputers, data servers, and workstations.

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Esconet launched HexaData, a brand that specialises in high-end servers, workstations, and storage systems, as part of the Made in India initiative after realising the growing demand in the Indian market. Moreover, Esconet’s tactical partnership with NVIDIA has driven notable expansion in the AI and ML space, improving their workstations and servers.

Established in 2012 by Santosh Kumar Agrawal and Sunil Kumar Agrawal, two second-generation entrepreneurs, Esconet has been collaborating to provide robust and creative IT solutions.

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Prominent international technology companies include AMD, Amazon Web Services, Cisco, Dell Technologies, HP Enterprises, Intel, Microsoft, Nutanix, NVIDIA, Sophos, Suse One, Trend Micro, and Veeam as partners in technology.

Among its esteemed clientele are the Ministry of Defence, Engineers India Limited, Bharat Electronics Limited, ONGC, National Informatics Centre Services Inc (MeitY), IIT, and many more.

According to the restated consolidated financial statements, Esconet generated a healthy revenue of Rs. 71.46 crore and a profit (PAT) of ₹3.05 crore in the first half of the current fiscal year, which concluded on September 30, 2023.

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Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 01 Jan 2024, 02:44 PM IST