Cogent E-Services gets green light from SEBI for IPO

The initial public offering of Cogent E-Services Limited has received the approval of the Securities and Exchange Board of India.

The company had filed for an IPO on February 9, 2022. SEBI issued the observation letter on May 23, according to an update with the market regulator.

The issuance of the observation implies the green light from SEBI to launch the IPO. The regulator has yet to issue comments for 35 IPO documents.

The company’s IPO includes a new issuance of shares totaling up to ₹150 crore and a sale offer of up to 9,468,297 shares, as per the draft Red Herring Prospectus (DRHP) filed by the company with SEBI.

Under the SFO, selling shareholders Abhinav Singh, Arunabh Singh, Gaurav Abrol and Pranjal Kumar will each sell 1,539,318 shares. Boomerang Technology LLP will sell 1,839,418 shares while TSSR Technology LLP 1,471,607 shares.

The company, in consultation with leading book managers, will also issue shares, including a private placement, aggregating up to ₹30 crore, before filing the Red Herring prospectus with the RoC.

The size of the new issue will be reduced to the extent of this pre-IPO placement, subject to the Offer.

Cogent E-Services is an end-to-end omnichannel customer experience (CX) solutions provider. It offers omnichannel solutions for a variety of touchpoints across the customer interaction value chain, from sales and customer support through voice and non-voice channels, back-office solutions and transformation services and digital marketing.

The company plans to use ₹35 crore of the proceeds to fund investment in existing IT assets and its expansion. He would use ₹75 crore for working capital and general business purposes.

Published on

May 30, 2022

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