Shares of Zen Technologies Limited hit their record high on Monday after the firm said it has successfully raised Rs 1,000 crore via its first-ever Qualified Institutional Placement (QIP). Zen Technologies stock opened higher at Rs 1840 on BSE. It rose 5% intraday to a record high of Rs 1876.05 on BSE. The stock hit a 52 week low of Rs 650 on October 26, 2023. Total 0.36 lakh shares of the firm changed hands amounting to a turnover of Rs 6.75 crore. Market cap of the firm climbed to Rs 15,764 crore on BSE.
In terms of technicals, the relative strength index (RSI) of Zen Technologies stands at 68, signaling it's trading neither in the overbought nor in the oversold zone. Zen Technologies stock has a one-year beta of 0.8, indicating low volatility during the period. Zen Technologies shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.
Zen Technologies is a leading player in defence simulation training equipment and counter drone solutions.
The QIP, launched on August 21, 2024, and closed on August 23, 2024. It saw significant interest from both domestic and international investors, underscoring strong confidence in the company's strategic vision and market position.
Zen Technologies Limited allocated 62,46,096 equity shares, each with a face value of Rs 1, to qualified institutional buyers (QIBs) at an issue price of Rs 1,601 per share. This pricing represents a discount of approximately 5% to the QIP floor price of Rs 1,685.18 per share, as determined by SEBI regulations. The QIP was oversubscribed by 5 times, reflecting the high demand and investor confidence in Zen Technologies' growth strategy.
Key investors participating in this QIP include Kotak Mutual Fund, White Oak Offshore Fund, White Oak Mutual Fund, Motilal Oswal Mutual Fund, and Bandhan Mutual Fund, amongst others.
Zen Technologies Limited designs, develops, and manufactures defence training systems, based on sensors and simulators technology. The company’s category of products includes land-based military training simulators, driving simulators, live range equipment and anti-drone systems. The company also has a training platform in Hyderabad, with an integration of its complete product range. Its Anti-Drone System (ZADS) system works on drone detection, classification and tracking on passive surveillance, camera sensors and neutralization of threat by jamming drone communication.