The shares of Austere Systems made a strong market debut on September 12, listing at Rs 75.55 apiece on the BSE SME platform. This marks a premium of more than 37 percent over the IPO price of Rs 55 apiece.
The listing premium is however slightly lower than the 58 percent grey market premium with which unlisted shares of the company were trading in the grey market, ahead of listing, according to Investorgain.
The Rs 15.57-crore IPO saw strong investor interest during its three days of public bidding, being subscribed a whopping 1,001.78 times between September 3 and September 9. The Pune-based IT services and solutions company’s IPO entirely comprised a fresh issue of 28.3 lakh shares with price band of Rs 52-55 per share.
Austere was the first SME IPO to receive more than 1,000 times subscription in the current year. Hamps Bio, and Toss The Coin, launched in December 2024, were the last public issues garnering over 1,000x bids.
Non-institutional investors took the lead amongst the participants, bidding 1,594.57 times their allotted quota. The parts reserved for retail investors and qualified institutional buyers were subscribed 1,090.93 times, and 236.50 times, respectively.
The software development company intends to utilise Rs 11.6 crore of IPO proceeds for working capital requirements, and the remainder for general corporate purposes.
Follow all IPO news here.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
