Software company Tridhya Tech raises Rs 26.4 crore through SME IPO

Software development company Tridhya Tech on Friday said it has raised Rs 26.41 crore through its SME initial public offer, riding on strong demand from non-institutional and retail investors.

The public issue comprising 62.88 lakh shares opened on June 30 on the NSE's SME platform Emerge and closed on July 5.

The company has finalised the issue price at Rs 42 per share, the upper limit of its price band of Rs 35-42, thereby raising around Rs 26.41 crore, a company statement said.

Shares of the company will be listed on the NSE Emerge platform on July 13, 2023, following the successful IPO which was subscribed around 72 times, it added.

Proceeds from the issue will be utilised for the repayment of unsecured and secured loans and general corporate purposes for business activities.

According to market data, non-institutional investor category received the highest interest and was subscribed over 182.72 times, garnering bids for 16.34 crore shares as against 29.88 lakh shares on offer.

Retail segment was subscribed 67.62 times and the QIB segment was subscribed 15.62 times.

In total, the company received bids for 32.87 crore shares against 62.88 lakh shares on offer in the public issue.

The Ahmedabad-based company earlier raised Rs 6.01 crore from anchor investors by allocating 14.31 lakh equity shares.

Interactive Financial Services Ltd is the lead manager of the issue.