Esconet Technologies Files Draft Documents To Bring IPO; BHEL, Ministry Of Defence Among Clients

Integrated IT solutions company Esconet Technologies will soon be a listed company as it has filed draft documents to raise funds through an initial public offering (IPO) on Tuesday.

The company in a statement informed, the initial public offering (IPO) is a fresh issue of entirely 33,60,000 equity shares, each of Rs. 10 face value, and the company's shares are proposed to be listed on NSE.

Corporate Capital Ventures is the sole lead book-running manager, while Skyline Financial Services is the registrar for the Esconet Technologies IPO.

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According to news agency PTI, Esconet proposes to use the raised funds from the issue to meet the company's working capital requirements and invest in its wholly-owned subsidiary ZeaCloud Services. parts of the funding will also be used to fulfil common corporate purposes.

Esconet Technologies was established in 2012

Founded in 2012 by second-generation entrepreneurs Santosh Kumar Agarwal and Sunil Kumar Agarwal, Esconet Technologies is in the business of high-end supercomputing solutions, data centre facilities, storage servers, network security and data protection.

Esconet Technologies's partners and clients 

AMD, Amazon Web Services, Cisco, Dell Technologies, HP Enterprises, Intel, Microsoft and NVIDIA are among the global technologies partners of the company.

Esconet Technologies has clients including the Ministry of Defence, National Informatics Center and National Informatics Services Inc (MeitY), IIT, Bharat Electronics Ltd, ONGC and Engineers India Limited.

As per PTI's report, For the first half of the current financial year ended September 30, 2023, Esconet's revenue was Rs 71.46 crore and profit after tax was Rs 3.05 crore.

(With PTI's Input)

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