Dhanus Technologies IPO subscribed over 28 times

MUMBAI: The initial public offering of Dhanus Technologies which closed Wednesday was subscribed 28.47 times.

The 38,35,000-share issue received bids for 10.92 crore share. Around 1.95 crore bids were made at cut off price.

The portion reserved for qualified institutional investors was subscribed 36 times, non-institutional investors subscribed 27 times while the retail portion subscribed 19 times.

The price band of the issue was fixed at Rs 280-Rs 295 per share of Rs 10 each. The company would raise Rs 107.38 crore-Rs 113.13 crore from the IPO.

Dhanus proposes to utilise the proceeds to expand its infrastructural facilities and equipment base, construct a new corporate office and network operating centre.

The company offers telecommunication and unified messaging and enhanced logistics services. The BPO unit has clients from the US, UK and Australia.

For the year ended June 30, the company's total income stood at Rs 90.46 crore and net profit at Rs 24.59 crore as against total income of Rs 35.93 crore and net profit of Rs 13.09 crore in the previous year.