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Esconet Technologies Submits Draft Red Herring Prospectus to SEBI for NSE Listing

CIO Insider Team | Tuesday, 2 January, 2024
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To list on NSE Emerge, Esconet Technologies Limited has submitted its draft red herring prospectus (DRHP) to Securities and Exchange Board of India (SEBI), the capital market regulator.

As part of the company's IPO, 33,60,000 new equity shares with a face value of ₹10 would be issued. Corporate Capital Ventures is the book running lead manager for this issue, and Skyline Financial Services is the registrar.

Esconet will use Rs.16 crore of the IPO proceeds, per the DRHP filing, to cover its long-term working capital requirements. Additionally, it intends to expand its infrastructure by adding more hardware and software by investing Rs.2.5 crore in ZeaCloud Services Private Limited, a wholly-owned subsidiary. The aim is to enhance overall monitoring capabilities, fortify security standards, and augment capacity.

The company, which has its headquarters in New Delhi, not only provides SMEs, large corporations, and public sector clients with a comprehensive range of IT solutions, including data storage, networks, security, virtualization, and data protection, but it also makes high-performance workstations, data servers, and supercomputers.

In the first half of the current fiscal year, which ended on September 30, 2023, Esconet produced a robust revenue of Rs. 71.46 crore and a profit (PAT) of Rs.3.05 crore, as per the restated consolidated financial statements.

After seeing the growing need in the Indian market, Esconet developed HexaData, a brand that specializes in high-end servers, workstations, and storage systems, as part of the Made in India effort. Additionally, Esconet's strategic alliance with NVIDIA has improved their workstations and servers and fueled significant growth in the AI and ML fields.

Since its founding in 2012 by second-generation business owners Santosh Kumar and Sunil Kumar Agrawal, Esconet has worked together to deliver innovative and reliable IT solutions.

Among the leading global technology partners are AMD, Amazon Web Services, Cisco, Dell Technologies, HP Enterprises, Intel, Microsoft, Nutanix, NVIDIA, Sophos, Suse One, Trend Micro, and Veeam.

The Ministry of Defence, Engineers India Limited, Bharat Electronics Limited, ONGC, National Informatics Centre Services Inc (MeitY), IIT, and numerous more prestigious organizations are among its prestigious clients.

In the first half of the current fiscal year, which ended on September 30, 2023, Esconet produced a robust revenue of Rs. 71.46 crore and a profit (PAT) of Rs.3.05 crore, as per the restated consolidated financial statements.

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