The market debut of Trafiksol ITS Technologies, scheduled to debut on the BSE SME platform on September 17, 2024, got postponed after the exchange intervened. The Bombay Stock Exchange announced on X (formerly Twitter) that the listing has been delayed until certain queries raised by the issuer are resolved. Market participants were advised to take note of this delay.
The Rs 44.8-crore public offer, purely a fresh issue of 64 lakh shares, was subscribed a massive 345 times over three days. Non-institutional investors were particularly active, subscribing to the issue 699 times the allocated portion. Retail investors followed with a subscription rate of 317 times, while qualified institutional buyers (QIBs) subscribed 129 times.
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SME IPOs are approved directly by the BSE and NSE, bypassing Sebi's review. Recently, Sebi has expressed concerns about possible manipulation in this less regulated segment, where many stocks see substantial gains on their debut. The regulator has advised investors to be cautious when engaging in the SME market.
Founded in 2018, Trafiksol ITS Technologies specialises in intelligent transportation systems (ITS) and automation solutions. The company offers a range of services including software development, consulting, and delivery, with products spanning operating systems, business applications, and computer games.
The company plans to use the proceeds from the issue for various purposes, including purchasing software, repaying or prepaying certain borrowings, meeting working capital needs, and general corporate purposes.
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