Acropetal Tech debuts at Rs 130, surges 67%

Shares of Acropetal Technologies, a Bangalore based IT service provider, saw huge demand in opening trade on listing day. A share has touched a high of Rs 140 on the NSE, up 55.56% over an issue price of Rs 90.

Acropetal offers IT/ITES solutions and a broad spectrum of engineering design services to reduce product design cycle time and costs.

Chairman & Managing Director, D Ravi Kumar said he was confident of closing acquisition in this quarter. He sees significant additions in sales & profit via acquisition. The company plans to open offices in US, Europe and West Asia. Kumar expects CAGR growth of nearly 37% going forward.

At 9:39 hours IST, the stock was trading at Rs 127.10, a gain of 41% with turnover of Rs 60 crore on NSE.

On the BSE, a share was trading at Rs 128.40 after seeing a high of Rs 150 and low of Rs 105.60. It traded with volume of more than 90 lakh equity shares on both exchanges.

The company raised Rs 170 crore through the issue. Acropetal intends to use issue proceeds for proposed acquisitions with the cost of Rs 55 crore, setting up of software development centre and corporate office with Rs 26.2 crore, expansion and establishment of overseas offices with Rs 19.45 crore, repayment of term loans of Rs 25 crore and long term working capital requirements of Rs 25 crore.