Comments
Ahmedabad-based software developer Tridhya Tech Ltd will raise up to ₹26.41 crore from its SME initial public offer (IPO), which opens for subscription on June 30 and closes on July 5.
The company plans to issue 62.88 lakh equity shares of ₹10 face value at a price band of ₹35-42 per share (including a premium of ₹25-32 per equity share). The shares will be listed on the NSE’s SME EMERGE Platform.
The proceeds from the issue will be utilised for the repayment of unsecured and secured loans and general corporate purposes for the company’s business activities, it said in a statement.
The promoter Group shareholding pre-issue was 80.8 per cent, which will come down to 58.98 per cent post-issue.
The company had filed the Draft Red Herring Prospectus (DRHP) with the markets regulator SEBI on April 14.
Set up in 2018, Tridhya Tech Limited is a full-service software developer for e-Commerce, web, and mobile application development and provides end-to-end tech solutions build an effective digital presence.
Ramesh Marand, Managing Director, said, “The company has taken important strategic initiatives with a focus to expand our footprints and services. We are confident that after the proposed public issue we will be able to execute our growth strategy in a manner that creates exponential value for all stakeholders.
The company has a wide global clientele for IT consultancy services to industries like e-commerce, Real estate, Transport & Logistics, Insurance, and other sectors.
As per the company’s regulatory filing, as of December 2022, company’s consolidated revenues stood at ₹15.08 crore with net profit of ₹2.85 crore. The company’s Networth as on December 2022 stands at ₹20.30 crore.
Interactive Financial Services Ltd is the lead manager of the issue.
The minimum lot size for the application is 3000 shares which translates to a minimum application amount of ₹1.05 - ₹1.26 lakh per application.
As part of the IPO, retail investor and HNI quota is kept at not less than 35 per cent and 15 per cent of the issue respectively while the QIB quota is kept at a maximum 50 per cent of the issue. Market maker reservation portion is 3,15,000 equity shares.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.