Cogent E-Services Files DRHP with SEBI for an IPO

Cogent E-Services files DRHP with SEBI for IPO

by 5paisa Research Team Last Updated: Dec 10, 2022 - 12:15 pm 37.5k Views

Even as the number of companies opening their IPOs is down to trickle, there is no let up in the filings of DRHP by potential issuers. The latest to file is Cogent E-Services. According to the SEBI website, Cogent E-Services Ltd filed preliminary papers i.e. the draft red herring prospectus or DRHP with SEBI for its proposed initial public offer which will be a combination of a fresh issue and an offer for sale (OFS). 

According to the DRHP filed by the company with SEBI, the IPO will comprise of a fresh issue of Rs.150 crore resulting in a fresh infusion of funds into the company. At the same time, there will also be an offer for sale of up to 94.68 lakh equity shares where the promoters and early investors will offer their shares for sale. The final size of the issue will only be known once the pricing is pencilled in but is expected to be above Rs.300 crore.

Cogent E-Services Ltd has also confirmed that the company may evaluate the possibility of raising Rs.30 crore via pre-IPO placement, in which case the size of the fresh issue will be reduced proportionately. This pre-IPO placement is different from the regular anchor placement that is done a day ahead of the IPO opening.

The fresh issue component of the Cogent E-Services IPO will be utilized to fund the investment in information technology (IT) assets for expansion and also for enhancing the existing IT infrastructure of the company. In addition, the company will also look to use the funds for supporting the current working capital requirements and general corporate purposes too.

Cogent E-Services Ltd  is an end-to-end customer experience or CX solutions provider. The company provides omnichannel solutions along various customer interaction touchpoints which could be physical, part physical or entirely digital. The CX solution will cover customer sales and support through voice and non-voice channels. In addition, it also provides back office solutions and transformative services for digital marketing.

The client base of the company is broadly spread across 10 industry verticals including banking and financial services as well as digital and e-commerce. The company has developed deep experience and skills in these verticals of business. The issue will be lead managed by DAM Capital Advisors (formerly IDFC Securities Ltd) and IIFL Securities who will also act as the book running lead managers (BRLM) to the issue.

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