Spectrum Talent Management’s SME IPO Lists at Discount on NSE SME
Spectrum Talent Management Ltd, a renowned multinational recruiting firm headquartered in Delhi, witnessed its shares debut on the NSE SME exchange at a discounted rate on Thursday.
Opening at ₹155 per share, the stock started trading 10.4 percent lower than its initial issue price of ₹173 on the NSE SME exchange. Throughout the day, the stock reached a peak of ₹155 per share, while dipping to an intraday low of ₹147.25 at 10:03 IST.
The price range for the IPO offering was set at ₹169 to ₹173 per share, with the higher end estimating the IPO size to be approximately ₹105.14 crore.
By the end of Day 4, the IPO had received a subscription of 12.27 times, with the retail portion being subscribed 13.10 times. The qualified institutional buyer (QIB) category witnessed a subscription of 11.21 times, while non-institutional investors (NIIs) subscribed 11.68 times. On Day 3, the subscription rate stood at 2.33 times. Day 2 witnessed a subscription of 1.31 times, and Day 1 recorded a 53% subscription rate.
For retail investors, the lot size is 800 shares, requiring a minimum investment value of ₹138,400.
The IPO allocation includes 50% reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and the remaining 35% earmarked for retail individual investors (RIIs). It’s important to note that the NII reservation includes the Market Maker portion consisting of 304,000 equity shares.
Sarthi Capital Advisors Private Ltd serves as the sole book running lead manager for this IPO.
In addition to its core services of payroll management, recruitment, onboarding, and flexible workforce solutions, Spectrum Talent Management has expanded its product offerings. Notably, the company has recently ventured into the export of various mobile phone brands from India to the UAE, further diversifying its operations.
About Spectrum Talent Management:
Spectrum Talent Management Limited was founded in 2012 and focuses on offering human resource and staffing solutions. The company is headquartered in Delhi. Up to 2023, Spectrum Talent Management Limited has effectively served more than 275 clients in domestic and offshore markets. As of December 31, 2022, the company’s Human Resource database boasts a valuable asset to the industry, with a total of 15,606 personnel deployed at different client locations.
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