NSE SME HRH Next Services climbs on listing

The scrip was listed at Rs 41, a premium of 13.89% compared with the initial public offer (IPO) price. The stock was currently frozen in an upper limit of 5% over its listing price.

The counter hit a high of Rs 43.05 and a low of Rs 40. About 11.61 lakh shares of the company changed hands at the counter.

HRH Next Services' IPO was subscribed 62 times. The issue opened for bidding on 27 December 2023 and it closed on 29 December 2023. The price of the IPO was fixed at Rs 36 per share.

The IPO comprised fresh issue of 26,58,000 shares. The promoter and promoter shareholding diluted to 66.26% from 93.17% pre-IPO.

The company intends to utilize the net proceeds for expansion of the services by launching 2 call centres, capital expenditure towards purchase of computer systems, to meet the working capital requirements, to meet the issue expenses and general corporate purposes.

HRH Next Services is engaged in business process outsourcing (BPO) offering a comprehensive suite of call centre services, covering inbound services, outbound services, backend support, chat support, email support and more. The company clients list includes various Start-ups and other Companies in the field of Telecom, Foodtech, Autotech, E-Commerce, Fintech, Education, Healthcare, as well as Government and Banking sectors. As on 30 November 2023, the company had 284 employees.

The company recorded revenue from operations of Rs 21.39 crore and net profit of Rs 1.50 crore for the period as on 30 September 2023.

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