Software developer Tridhya Tech ₹26-Crore SME IPO opens today
Ahmedabad based Tridhya Tech Ltd will raise up to Rs 26.41 crore of small and medium enterprises initial public offering (IPO)which opens for subscription on June 30th and ends on July 5th.
The company plans to issue 62.88 thousand equity shares of Rs 10 at par at a price of Rs 35-42 per share (including a premium of Rs 25-32 per share). The shares will be listed on NSE’s SME EMERGE platform.
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.
The contribution of the promoted group was 80.8 percent, which will decrease to 58.98 percent after the release.
The company submitted a draft Red Herring prospectus (DRHP) to market regulator SEBI on April 14.
Founded in 2018, Tridhya Tech Limited is a full-service software developer for e-commerce, web and mobile app development, providing end-to-end technology solutions to build an effective digital presence.
Ramesh Marand, Managing Director, said: “The company has taken important strategic initiatives with a focus on expanding our footprint and services. We are confident that after the proposed public offering we will be able to implement our growth strategy in a way that creates exponential value for all stakeholders.
The company has a wide global clientele for IT consulting services for sectors such as e-commerce, real estate, transportation, logistics, insurance and other sectors.
As per the company’s regulatory filing, as of December 2022, the consolidated revenue of the company was Rs.15.08 crore with a net profit of Rs.2.85 crore. The company’s net worth as on December 2022 stands at Rs 20.30 crore.
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Interactive Financial Services Ltd is the lead manager of this issue.
The minimum application lot size is 3,000 shares which translates to a minimum application amount of $1.05 – Rs 1.26 lakh per order.
As part of the IPO, the share of the retail and wealthy investor is held in a minimum of 35 percent and 15 percent of the issue respectively while the share of the bank is held in a maximum of 50 percent of the issue. The market maker reservation portion is 3,15,000 shares of stock.