Enfuse Solutions debuts with 20% premium over issue price

The IPO, which was completely a fresh of 23.37 lakh shares, received overwhelming response from investors with a subscription of 300 times at close.

The net proceeds from the public offer will be used for repayment of debt, working capital requirements and general corporate purposes.

The company's business operations encompass various domains including in data management and analytics, e-commerce and digital services, machine learning and AI and edtech and technology solutions.

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Enfuse Solutions works as a consultant for its clients as per the terms of sub-contracting agreements entered with them.

Its offerings include spanning data as a service (DAAS) and software solutions, which encompasses an AI platform for tagging audio, video, image, and documents, edtech AI solutions, data annotation and curation platforms, data engineering, data science, cloud computing, and digital marketing.

Through the clients, the company has served entrepreneurs ranging from start-up enterprises to established companies, primarily consisting of blue-chip companies operating in sectors such as technology, BFSI, retail, financial services (fintech), media and entertainment and various others.

The IT and BPM sector has become one of the most significant growth catalysts for the Indian economy, contributing significantly to the country’s GDP and public welfare. The IT industry accounted for 7.4% of India’s GDP in FY22, and it is expected to contribute 10% to India’s GDP by 2025.

For the period ended December 2023, revenues stood at Rs 38 crore and net profit was at Rs 3.22 crore.

Hem Securities is acted as the lead manager to the issue and Bigshare Services was the registrar.

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