Tridhya Tech SME IPO closes 5% up after flat debut

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Ahmedabad-based software development firm Tridhya Tech Ltd debuted on the stock exchanges on Thursday with a flat open. However, the stock, which is listed on NSE Emerge, closed at $44.10 after the top circle fell 5 percent. The bid price for the issue was $42.

More than 29.52 thousand shares were traded on the first day and the company achieved a market capitalization of ₹102.70 crore as per the closing price on 13th July.

The listing ceremony was held in Ahmedabad in the presence of Ashish Goyal, Vice President, National Stock Exchange, and Ramesh Marand, Managing Director of the company.

The company received an overwhelming response to its Rs 26.41 crore SME IPO, which was oversubscribed 72 times. It has received bids for Rs. 32.87 crore shares against the 62.88 thousand shares offered in the issue.

It said in a statement that the proceeds of the issue will be used to repay unsecured, secured and general corporate loans for the company’s business activities.