Shares of NewJaisa Technologies, a full-stack Direct-to-Consumer (D2C) electronics brand, listed at Rs 71 on the NSE Emerge, against its issue price of Rs 47, indicating a premium of 51 percent. Post the listing, the stock tumbled nearly 5 percent and was trading at Rs 67.55.

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The listing was in-line with robust subscription numbers. NewJaisa Technologies IPO was subscribed an overall 6.84 times at close. The retail category was booked 15.34 times, 1.02 times in the QIB category, and 6.54 times in the NII category.

NewJaisa Tech IPO, which was opened for subscription between September 25 to September 27, sold its shares in the range of Rs 44 to Rs 47 per equity share of face value of Rs 5 each. The IPO lot size was 3,000 equity shares and in multiples of 3,000 equity shares thereafter.

The funds raised will be strategically allocated towards expansion of facility and building an omnichannel proprietary framework for process-oriented refurbishment, NewJaisa said in a statement earlier.

The Bengaluru-headquartered company aims to be the market leader in providing best-in-class, quality-checked refurbished electronics at affordable and economical prices.

Commenting on the IPO filing, Vishesh Handa, CEO, and Co-Founder of NewJaisa Technologies Ltd, said, "The IPO will allow us to further expand our operations, strengthen our market position, and enhance our product offerings. We believe that this will be a great opportunity for investors to be a part of our growth story and share in our success."

Established in 2020, NewJaisa Tech is a technology-driven direct-to-consumer refurbished IT electronics company providing quality refurbished electronics at significant discounts as compared to new products.

Their business model encompasses an end-to-end reverse supply chain for IT assets. It involves procuring used IT assets (laptops, desktops, and peripherals), refurbishing them to as close to new computer conditions, and selling them directly to end-use customers — businesses or retail.

Currently, the company is engaged in direct sales of IT Products i.e. Laptops/ Chromebooks, Desktops/Chromeboxes/ Monitors, and Accessories (Keyboard, Mouse, WiFi, Speakers), which is its key revenue model.

First Published:Oct 5, 2023 11:26 AM IST