Shares of Plada Infotech made a strong debut, listing at a 23% premium over the IPO price on October 13. The stock opened at Rs 59 against the issue price of Rs 48 on the NSE SME platform.
Earlier today, before listing, the grey market premium (GMP) was at Rs 7, implying a listing price of Rs 55. The IPO had received a decent response from investors as it was subscribed 57.85 times. Retail investors bought 73.78 times and high net-worth individuals picked 39.81 times their allotted quota.
Plada Infotech raised Rs 12.36 crore via IPO. The offer opened for subscription on September 29 and closed on October 5. Shailesh Kumar Damani and Anil Mahendra Kotak are the promoters of the company. Pre-issue, the promoter group and promoters held 89.5% stake and post-issue their stake came down to 62.64%.
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The company will use the IPO proceeds to fund working capital requirements, purchase laptops and accessories for IT development, repayment or pre-payment of certain outstanding loans and the remaining amount will be used for general corporate expenses.
Indorient Financial Services was the book-running lead manager of the IPO, Bigshare Services was the registrar and the market maker was Nikunj Stock Brokers.
Plada Infotech provides Business Process Outsourcing (BPO) services and specializes in areas such as account management, merchant acquisition, field support, e-commerce, business correspondence, recruitment and payroll management software solutions and technology development.
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