The initial public offering of Cogent E-Services Limited has received approval from the Securities and Exchange Board of India.
The company had filed for the IPO on February 9, 2022. The SEBI has issued the observation letter on May 23, an update with the markets regulator showed.
The issuance of observation implies SEBI’s go-ahead to float the IPO. The regulator is yet to issue observations for 35 IPO papers.
The company’s IPO comprises a fresh issue of equity shares aggregating up to ₹150 crore, and an Offer For Sale of up to 9,468,297 shares, as per the Draft Red Herring Prospectus (DRHP) filed by the company with SEBI.
As part of the OFS, selling shareholders Abhinav Singh, Arunabh Singh, Gaurav Abrol and Pranjal Kumar will be offloading 1,539,318 equity shares each. Boomerang Technology LLP will be selling 1,839,418 shares while TSSR Technology LLP 1,471,607 shares.
The company, in consultation with the book running lead managers, will also further issue equity shares, including private placement, aggregating up to ₹30 crore, before filing for the Red Herring Prospectus with the RoC.
The fresh issue size will be reduced to the extent of such 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 along the customer interaction value chain from customer sales and support through voice and non-voice channels, back office solutions and transformative services and digital marketing.
The company plans to utilise ₹35 crore from the proceeds to fund investment in existing IT assets and its expansion . It would utilise ₹75 crore for working capital requirements and general corporate purposes.