Bumper market debut: TechD Cybersecurity shares list at 90% premium on NSE Emerge

TechD Cybersecurity IPO listing ceremony

The shares of TechD Cybersecurity made a bumper stock market debut on September 22, listing at Rs 366.70 apiece on the NSE Emerge platform. This marks a whopping 90 percent premium over the IPO price of Rs 193 apiece.

The listing premium is however lower than the grey market estimates. Ahead of listing, the unlisted shares of the company were trading with nearly 109 percent grey market premium (GMP) over the IPO price at Rs 403 apiece, according to data on Investorgain.

The Vijay Kedia-backed SME IPO had seen strong investor interest during its three days of public bidding, being subscribed around 668 times its offer size between September 15 and September 17. The price band for the IPO was set at Rs 183-193 per share.

Non-institutional investors took the lead amongst them, bidding 1,279.4 times their allotted quota. The parts reserved for retail investors and qualified institutional buyers were subscribed 726 times, and 284.17 times, respectively.

Investors could bid for a minimum of 600 shares, requiring an investment of nearly Rs 1.16 lakh, and in multiples thereafter.

The company will spend Rs 26.09 crore of the IPO proceeds for investment in human resources, Rs 5.9 crore for setting up Global Security Operation Centre (GSOC) at Ahmedabad, and the remaining amount for general corporate purposes.

GYR Capital Advisors acted as the merchant banker for the TechD Cybersecurity IPO.

Follow all IPO news here.