Shopify app developer Identixweb's initial public offering is set to hit Dalal Street with Rs 16.63-crore initial public offering next week on March 26. This would be amongst four IPOs opening for subscription next week. Desco Infratech, Shri Ahimsa Naturals, and ATC Energies System are other three companies.
The public issue, which has a price band of Rs 51-54 per share, will close on March 28.
The Gujarat-based technology company will finalise the IPO share allotment by April 1, while the trading in its equity shares will commence on the BSE SME effective April 3.
The book-built issue comprises of entirely fresh issue of 30.8 lakh shares with no offer-for-sale component. Half of the IPO size is reserved for qualified institutional buyers. Further, 35 percent shares are set aside retail investors and the remainder 15 percent quota for non-institutional investors.
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Incorporated in 2017, Identixweb is involved in providing software as a service (SAAS) - based digital product solutions, specialising in Shopify application development which focuses on creating software solutions that enhance the functionality and performance of Shopify stores.
The company intends to utilise IPO funds mainly for marketing to support its growth plans in India or outside India, and market research and product development through talent hiring for the issuer company. Further, it will invest IPO money in subsidiary (Munim ERP) for product development through talent hiring, and the remainder for general corporate purposes.
Beeline Capital Advisors is the sole merchant banker handling the public issue.
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