Service Care IPO: July 14 launch; price band, dates, GMP & key details

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Service Care IPO: Launching on July 14 with Price Band, Dates, GMP, and Key Details

Service Care Ltd, a provider of workspace administration services, is set to launch its initial public offering (IPO) on July 14, with the subscription period closing on July 18.

This Service Care SME IPO entails a fresh equity issue of up to 3,086,000 shares, amounting to a total of ₹206.8 million. The company has fixed the price range for the IPO at ₹63-67 per share.

The funds raised through the IPO will be utilized to meet additional working capital requirements and for general corporate purposes.

Retail investors will need to invest a minimum amount of ₹134,000, with the lot size for the Service Care IPO set at 2,000 shares.

On July 21, the basis of allotment will be determined, followed by the initiation of refunds on July 24. Eligible investors can expect the shares to be credited to their demat accounts on July 25.

Service Care’s shares are expected to be listed on the NSE SME Emerge platform on July 26.

The IPO has allocated approximately 50% of the offer to qualified institutional buyers (QIBs), 15% to non-institutional investors (NIIs), and the remaining 35% to retail investors.

Swastika Investmart serves as the lead manager for the IPO, while Integrated Registry Management Services acts as the IPO registrar.

Service Care Ltd specializes in integrated facility management and payroll management services, catering to clients across various sectors such as engineering, education, manufacturing, infrastructure, government and banking, information technology, and healthcare.

For the period ending January 2023, the company reported a revenue of ₹132.17 crore and a net profit of ₹3.02 crore.

Service Care IPO GMP (Grey Market Premium):

Market observers have noted that the grey market premium (GMP) for the Service Care IPO stands at ₹5 per share. This indicates that the shares of Service Care Ltd are trading at a premium of ₹5 in the grey market.

Based on the current GMP, it is projected that the listing price for Service Care shares will be around ₹72 per share, representing a premium of 7.5% over the issue price.

About Service Care:

Service Care Ltd (SCL) provides integrated services in the fields of janitorial, payroll management, and recruitment to corporate clients. Through the committed efforts of a dedicated team of professionals, the company has gradually evolved into one of India’s top organizations in the field of Facility Management Services.

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