Canarys announces IPO plans to fuel digital transformation solutions

Canarys IPO: Canarys, a provider in digital transformation solutions covering digitalisation, modernisation, automation, and intelligence, has announced its plans to go public through an Initial Public Offering (IPO) scheduled for September 27, 2023. The company aims to raise Rs 47.03 crore at the upper band price, with its shares set to be listed on the NSE EMERGE platform. The IPO will consist of up to 1,51,72,000 equity shares, each with a face value of Rs 2. The bidding process for anchor investors will commence on September 26.

The equity share allocation will be as follows:

• Qualified Institutional Buyers (QIB) – Up to 72,00,000 equity shares
• Non-Institutional Investors (NII) – Up to 21,64,000 equity shares
• Retail Individual Investors (RII) – Up to 50,48,000 equity shares
• Market Maker - 7,60,000 equity shares

The funds generated from the IPO will be utilised for several key purposes, including the development of digital transformation solutions and water resources management solutions, establishing new delivery centres, upgrading existing infrastructure, addressing working capital requirements, and supporting general corporate initiatives. The IPO window will close on October 3, 2023.

Indorient Financial Services Limited is the Book Running Lead Manager for this IPO, with Link Intime India Private Limited serving as the Registrar to the Issue.

Metikurke Ramaswamy Raman Subbarao, Chairperson and Managing Director, Canarys Automations Limited, expressed enthusiasm about this significant step towards their ambitious future vision, backed by 30 years of IT solutions experience.

Soumya Padhi, MD, Indorient Financial Services Limited, highlighted Canarys' successful transformation from a services company to a solutions provider in recent years, particularly noting the addition of the Water Resource Management division as a strategic diversification move. The IPO is expected to further empower Canarys' growth and expansion plans.

(With ANI Inputs)