Meta Infotech IPO closes with 155.28 times subscription; check allotment, listing dates

Meta Infotech IPO

Cybersecurity solutions provider Meta Infotech has received overwhelming response from investors for its initial public offering (IPO) which closed with 155.28 times subscription on July 8. The offer was opened on July 4.

The company is mobilising Rs 80.18 crore through its maiden public issue of 49.8 lakh shares at a price of Rs 161 per share. The IPO comprised of fresh issue of 12.45 lakh shares, and an offer-for-sale of 37.35 lakh shares by promoter Venu Gopal Peruri.

The price band for the offer was Rs 153-161 per share.

Investors have subscribed for 55.55 crore equity shares in three days compared to the offer size of 35.77 lakh shares, via 1.6 lakh applications.

Non-institutional investors bid 192.52 times their allotted quota, and the portion set aside for qualified institutional buyers was subscribed 147.76 times.

The demand in the individual investors category bidding for two lots was also strong as their reserved portion was booked 122.06 times.

The company will finalise the IPO share allotment by July 9 and its shares will be available for trading on the BSE SME effective July 11.

The fresh issue proceeds will be majorly utilised for repayment of debt. Further, the remainder funds will be used for establishment of new office premises, and interactive experience centre at Mumbai offices.

Meta Infotech that founded in 1998 and transitioned into the cybersecurity domain in 2010 competes with listed peers like Quick Heal Technologies, TAC Infosec, and Sattrix Information Security.