NSE SME Systango Tech jumps on debut

Shares of Systango Technologies were trading at Rs 102.90 at 10.26 IST on the BSE, a premium of 14.33% compared with the issue price of Rs 90.

The scrip was listed at Rs 98, a premium of 8.90% compared with the issue price.

So far, the scrip hit a high of Rs 102.90 and a low of Rs 95. At the counter, 13.28 lakh shares of the company had changed hands till now.

The initial public offer (IPO) of Systango Technologies was subscribed 61.68 times. The issue opened for bidding on 2 March 2023 and it closed on 6 March 2023. The price band of the IPO was set at Rs 85-90 per share.

The IPO comprised fresh issue of 38,68,800 equity shares. About 1,96,800 equity shares will be reserved for subscription by market maker to the issue.

The company intends to utilize the net proceeds from the issue for strategic investment and acquisitions; investment in subsidiaries; to meet working capital requirements; and general corporate purposes.

Systango Technologies is engaged in the business of providing software solutions that enables companies to design, implement and manage their own customized digital platforms including Web2, Web3 and mobile applications with strong emphasis on data and analytics.

The company provides range of software solution services including website development, mobile app development (both for iOS and Android applications), web3 development, DeFi (Decentralized finance), data engineering, implementation of blockchain, cloud computing, digital marketing etc for companies across sectors such as financial services (fintech), hospitality, fantasy sports, property tech etc.

As on 30 September 2022, the company had 281 permanent full-time employees including managerial personnel. Apart from this, it also had 15 interns/trainees.

On a consolidated basis, the company reported profit after tax of Rs 4.36 crore and revenue from operation of Rs 22.39 crore in six months ended 30 September 2022.

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