Shares of Paramatrix Technologies made a weak and muted stock market debut on September 4, listing at Rs 115.05, a premium of 5 percent over the issue price of Rs 110 on the NSE SME platform.
The listing beats grey market estimates after shares were trading without a premium. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.
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The Rs 33.84-crore public offer is a combination of both a fresh issue and an offer-for-sale. The IPO received weak subscription figures as compared with recent SME offering after it was just subscribed just over 9 times. Retail investors were at the forefront, buying almost 12 times the portion reserved for them. Non-institutional investors followed after they picked up 6.2 times the allotted portion. QIBs or qualified institutional buyers didn't subscribe to the issue.
Read more: Kross sets price band of Rs 228-240 for its Rs 500 cr IPO
Founded in 2004, Paramatrix Technologies offers software and digital transformation solutions, including application development, data management, and accelerators like analytics, performance management, virtual classrooms, event monitoring, and cloud security.
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The company plans to use the net proceeds from the fresh issue for capital expenditure to build infrastructure, invest in accelerators to enhance service offerings, expand geographically in the Middle East and East Asia, and for general corporate purposes.
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