The shares of the Ahmedabad-based software developer Tridhya Tech Ltd will be listed on the NSE Emerge platform on Thursday.

The ₹26.41-crore initial public offering (IPO) received overwhelming response with subscription of over 72 times.

The non-institutional investor category received the highest interest among investors and was subscribed 182.72 times. The retail segment was subscribed 67.62 times and QIB segment - 15.62 times, according to a company statement, after the closing of the bidding window on July 5. The issue had opened for subscription on June 30 and the issue price was fixed at ₹42 per share.

The company received bids for 32.87 crore shares against the 62.88 lakh shares on offer, it said.

Loan repayment

The proceeds from the issue will be utilised for repayment of unsecured and secured loans, and general corporate purposes for its business activities, the company said.

Ramesh Marand, Managing Director, said, “We are confident that with the support of all stakeholders, we will be able to execute our growth strategy in a manner that creates exponential value for all stakeholders.”

The company’s IPO committee at its meeting held on June 27, in consultation of the book-running lead managers to the offer, finalised allocation of 14.31 lakh equity shares to anchor investors at an offer price of ₹42 per share raising ₹6.01 crore. The company has allocated 9.54 lakh equity shares to Craft Emerging Market Fund – Elite Capital Fund, and 4.77 lakh equity shares to Craft Emerging Market Fund — Citadel Capital Fund.

The company had filed the Draft Red Herring Prospectus with SEBI on April 14.

Set up in 2018, Tridhya Tech Ltd is a full-service software developer for e-commerce, web, and mobile application development and provides end-to-end tech solutions to build an effective digital presence.

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