Micropro Software Solutions listed at a Re 1 discount to the IPO price on November 10. The stock opened at Rs 80 against the issue price of Rs 81 on the NSE SME platform. Soon after listing, the stock slipped 6 percent to Rs 76.
The public offer was subscribed more than 36 times, supported by retail investors, who bid 49 times their allotted quota of shares. The small and medium enterprises IPO opened for subscription on November 3 and closed November 7. The issue price was fixed at Rs 81 per share.
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The company raised Rs 30.7 crore through the offer which was entirely a fresh issue of 37.9 lakh shares and there was no offer-for-sale component. The proceeds will be used to meet working capital requirements, capital expenditure and general corporate purposes.
Swaraj Shares and Securities was the book-running lead manager, Purva Sharegistry India was the registrar for the issue and the market maker was Nikunj Stock Brokers. The promoters of the company are Sanjay Yadavrao Mokashi, Hitesh Dhirajlal Parikh, Prashant Renukadas Rajurkar, Meenakshi Sanjay Mokashi, Shefali Hitesh Parikh, and Swati Prashant Rajurkar.
Micropro is an IT service company involved in the business of software development, data processing and software training.
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