New Delhi-based e-learning solutions provider Infonative Solutions has lined up its maiden public issue worth Rs 24.71 crore to open on March 28, at a price band of Rs 75-79 per share.
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The issue will be open for subscription between March 28-April 3, and the company will finalise IPO share allotment by April 4, with the trading of Infonative Solutions shares slated to commence on the BSE SME effective April 8.
The IPO comprises of entirely fresh issue of 31.28 lakh shares with no offer-for-sale component, with half of the offer size reserved for qualified institutional buyers, 35 percent for retail investors and the remainder 15 percent shares for non-institutional investors.
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Infonative Solutions develops and designs e-learning content and services for corporate and education sectors, including offering cloud-based learning management systems LMS and other related products. It provides a full-service capability to transform the learning process of an organisation from offline to online learning delivery and management.
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Infonative intends to utilise Rs 7.35 crore out of net IPO proceeds for development of new products, courses and new features in LMS and purchase of laptops. Further, Rs 5 crore will be used for working capital requirements, and the remainder for general corporate purposes.
Share India Capital Services is the sole book running lead manager to the issue.
