Ahmedabad-based software development firm Tridhya Tech Ltd will hit the capital market on Friday to raise up to ₹26.41 crore from its SME public issue.
The company plans to use the proceeds of the public issue for the repayment of unsecured and secured loans and general corporate purposes.
Following the Initial Public Offer (IPO), the company’s shares will be listed on the SME Emerge Platform of the National Stock Exchange. The public issue will close on July 5.
The initial public offering comprises a fresh issue of 62.88 lakh equity shares of face value Rs 10 each at a price band of ₹35-42 per share (including a premium of ₹25-32 per equity share).
Incorporated in 2018, Tridhya Tech Limited is a full-service software development company that caters to eCommerce, web, and mobile application development.
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. Proceeds of the issue will further strengthen the company's balance sheet and help fund its strategic growth initiatives.
For 2021-22 fiscal, the company reported total revenue of ₹14.07 crore and a net profit of ₹3.39 crore. For the nine months ended December 2022, the company reported a total revenue of ₹15.08 crore and earned a net profit of ₹2.85 crore.
Promoter group shareholding pre-issue is 80.8 per cent, which post-issue will be 58.98 per cent.