NSE SME SA Tech Software India shares debut with a bang

Last updated: August 2, 2024 | 1:31 PM IST

Shares of SA Tech Software India were quoted at Rs 117.70 crore on the NSE, representing a premium of 99.49 per cent over the issue price of Rs 59 crore.

The security was priced at Rs 112.10, which is a 90% premium over the initial public offering (IPO) price. The stock is currently locked in at an upper limit of 5% over the listing price.

The maximum value of the stock exchange was Rs 117.70 and the lowest was Rs 112.10. A total of 4.94 lakh shares of the company changed hands on the stock exchange.

The IPO of SA Tech Software India was subscribed 403.80 times. The issue opened for bidding on July 26, 2024 and closed on July 30, 2024. The IPO price band was set at Rs 56-59 per share.

The IPO consisted of a new issue of 39,00,000 equity shares. The company intends to use the net proceeds to meet working capital requirements, to prepay or repay in whole or in part certain outstanding loans to the company, and for general corporate purposes.

Ahead of the IPO, SA Tech Software India had raised Rs 6.38 crore from anchor investors on July 25, 2024. The board allotted 10.82 lakh shares at Rs 59 per share to 6 anchor investors.

SA Tech Software India is the Indian subsidiary of a US-based IT consulting company. It specializes in providing IT services and digital solutions to businesses of all sizes. The company’s offerings include application development, mobile application development, cloud services, artificial intelligence, machine learning, and data analytics. The company has over 300 employees and supports clients in their digital transformation.

The company reported revenue from operations of Rs 23.88 crore and net profit of Rs 2.48 crore for the period ended June 30, 2024.

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First published: August 2, 2024 | 1:20 PM IST