SoftBank-backed Unicommerce Esolutions Ltd made an impressive debut in the market with a huge premium of over 117 per cent at Rs 230, against the issue price of Rs 108.
The IPO of the company, which operates as a Software as a Service (SaaS) platform, had seen huge investor interest as it was subscribed 168.35 times on the last day of bidding on Thursday.
The listing gains beat analyst expectations of a 40 to 60 per cent premium. It also had a grey market premium (GMP) of 64 per cent over the issue price.
At 12.15 pm, shares of Unicommerce Esolutions were trading at Rs 225, a 108 per cent increase from the issue price.
Analysts have recommended that those who have been allotted shares of Unicommerce eSolutions hold it for long.
Prashanth Tapse of Mehta Equities has been quoted as saying that as the largest e-commerce-enabled SaaS provider and the only profitable company in this space with no listed peers, the company is well-positioned to capitalise on the expanding e-commerce enablement sector.
Parth Shah of StoxBox said the strong business performance of the company offers an opportunity for further growth and added that those who have been allotted shares should 'hold' for medium and long-term gains, according to CNBCTV18.
About Unicommerce Esolutions Ltd
Unicommerce Esolutions Ltd, which was founded in 2012, operates a Saas platform that enables end-to-end management of e-commerce operations for brands, retailers, marketplaces, and logistics service providers. It has a large customer base in the country, which includes the likes of Lenskart, Fabindia, Zivame, Emami, Sugar, BoAt, Portronics, Pharmeasy, Cello, Urban Company, and Xpressbees.
The company's market valuation now stands at over Rs 2,300 crore. The strong market position of the company and a diverse client base offer it the possibility of future expansion.