Bengaluru: Canarys Automations Limited was listed on the National Stock Exchange (NSE) SME platform.
Canarys was listed with the opening bell ringing ceremony on NSE Emerge platform, presided over by Mr. Sheshadri Srinivas, CEO and Mr. Raman Subbarao, MD, and Board of Directors from Canarys.
The issue was open for subscription from September 27, 2023 to October 03, 2023. Despite adverse market conditions, the issue was successfully subscribed 9.84 times overall. The public issue subscribed 11.70 times in the retail category, 2.73 times in the QIB category, and 18.07 times in the NII category.
Speaking on the occasion Mr. Sheshadri Srinivas, Director and CEO, Canarys ``Our journey with Canrays Automation Solutions has been a path filled with challenges, and we were well aware of the roadblocks that lay ahead. In a defining workshop last year, we set the vision for our company, realigning ourselves towards the solutions business. We engaged leaders, middle management, and BU heads in conversations about our future, and I distinctly remember going to my colleagues and making a commitment. I announced that we would embark on an IPO journey and aim for a listing in March 2025. It was met with surprise and skepticism, but my conviction led me to make that commitment.
We vowed to commit ourselves to our team and shareholders, knowing that the journey would be challenging. However, with unwavering effort and dedication, we managed to advance this timeline by two years. What a remarkable journey it has been, from the announcement in August 2022 to the listing ceremony in October 2023. I am deeply grateful for the incredible effort I've witnessed from every member of the Canrays Automation Solutions team.
As we embark on this new journey, it's crucial that we don't forget the core values that have brought us this success. These values are the four strong pillars upon which our achievements are built: integration, innovation, sustainability, and inclusivity. These principles have been with us for the last three decades, and I promise that we will continue to uphold them as we move forward.
Two and a half years ago, we made a pivotal decision to transition from a services-based business to a value-based one. We recognized that in the IT industry, services represent the lower value chain, products the higher value chain, and in-between lies solutions. We chose the solutions route to bring added value to our stakeholders and customers. Digital transformation emerged as our core solution, with its immense potential. In the rapidly evolving IT landscape, digital transformation is the key to staying relevant and adapting to changing technologies. I extend my heartfelt thanks to all our teams and partners who have supported us on this transformative journey.
Today is a momentous and historic day for Canrays Automation Solutions, made possible by our commitment, dedication, and unwavering adherence to our core values. As we take our journey forward, let's remember that it is these four pillars that have led us to where we are today."
Speaking on the occasion Gowri Shankar,Vice President NSE ‘’We are thrilled to welcome Canrays Automation Solutions Ltd to the NSE Emerge Platform. Their successful IPO, oversubscribed nearly 10 times, is a testament to the strong investor confidence in their vision and potential. This listing not only marks a significant milestone for Canrays but also underscores their commitment to accountability and responsibility towards their investors.
India's position as the fourth largest market in the world by market capitalization is a testament to its growth potential, and the NSE has played a pivotal role in this journey since its inception in 1994. With over 80 times growth in market capitalization, India's financial landscape has witnessed remarkable progress. Canrays Automation Solutions Ltd's listing on NSE Emerge aligns with this upward trajectory, and we are hopeful that they will follow the path of many other successful companies that have migrated to the main platform.
NSE remains dedicated to supporting and nurturing businesses at every stage of their growth. We extend our warmest congratulations to Canrays Automation Solutions Ltd and are committed to providing them with the necessary support and resources for their journey ahead. Welcome to the NSE family, and we wish you all the best on your path to sustainable business growth and success."
Canarys Automations is a Solutions Company, headquartered in Bengaluru, Karnataka with its 2 subsidiaries one in New Jersey and another in Singapore. With a rich history spanning over three decades in the industry, we take immense pride in our journey as a leading comprehensive solution provider, specializing in Digitalization, Modernization, Cloudification, Automation, Intelligence and Water Resource Management Solutions.
Canarys embarked on a services-to-solutions transformation journey three years ago, under the leadership of Sheshadri Srinivas, and witnessed tremendous growth and expansion since its inception in 1991.