Shares of Kody Technolab listed at a 6.25 percent premium on NSE SME on September 27. The stock opened at Rs 170 against the IPO price of Rs 160. Earlier today, the company’s grey market price (GMP) was at Rs 25, implying a listing price of Rs 185.
Kody Technolab’s IPO opened for subscription on September 15 and closed on September 20. The company raised Rs 27.52 crore through IPO. The offer was an entirely fresh issue and there was no offer-for-sale component. Beeline Capital Advisors was the lead manager for the issue while Kfin Technologies was the registrar.
Kody Technolab's public issue was subscribed 51.55 times and received bids for 8.42 crore equity shares as against 17.20 lakh shares on the offer. The IPO was subscribed 53.56 times in the retail category and 41.17 times in the other category.
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Promoters Manav Subhashchandra Patel, Manali Krunal Patel and Pooja Sunny Patel held 100% pre-issue and post-issue their stake came down to 73.01 percent.
The company will use the proceeds to fund capital expenditure for the development of a centre at the Gift City, Gandhinagar, incremental working capital requirement of the company and the repayment/ prepayment of certain borrowings. The remaining amount will be used for general corporate purposes.
Founded in 2017, Kody Technolab provides Staff Augmentation, ML Development, AR Development and Implementation, Enterprise Mobility, CX Strategy and Design, Digital Transformation, Business Analytics and intelligence, Artificial Intelligence Robotics IT Consulting, Mobile and Web App Development, Internet of Things (IoT) services, and IT consulting services.
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