PNN

Mumbai (Maharashtra) [India], September 25: Canarys offers expertise in digital transformation, providing solutions in Digitalization, Modernization, Automation, and Intelligence has announced its plans to go public with an Initial Public Offering (IPO) on 27th September 2023. The company is aiming to raise Rs 47.03 crore on upper band price through this IPO, with shares set to be listed on the NSE EMERGE platform.

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The fresh issue size is Up to 1,51,72,000 equity shares at a face value of Rs 2 each. The Bid opens for Anchor Investors on September 26th, 2023.

Equity Share Allocation

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- 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 net proceeds from the IPO will be utilized for funding of expenditures relating to solutions development for digital transformation and water resources management solutions, creation of new delivery centres, including infrastructure thereof and upgrading existing facilities, funding working capital requirements and general corporate purposes. The issue closes on 3rd October 2023.

The Book Running Lead Manager to the Issue is Indorient Financial Services Limited. The Registrar to the Issue is Link Intime India Private Limited.

Metikurke Ramaswamy Raman Subbarao, Chairman and Managing Director of Canarys Automations Limited, said, " I'm glad to announce that Canarys is going public through an IPO. With 30 years of IT solutions experience, we specialize in digital transformation. Our decision to go public is not just a testament to our past successes but a leap towards our ambitious vision for the future. 

We believe it's a significant step forward, and we're excited for this new chapter.”

Soumya Padhi, MD of Indorient Financial Services Limited, said, "Canary's journey in last 4 - 5 years is one of transformation of the business from a services company to a solutions company. The Water Resource Management division adds an interesting element to the overall business diversification of the company. We're confident that their decision to raise capital via SME IPO listing will enhance their ability to realise their growth and expansion strategy."

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