Ace investor Vijay Kedia-backed cybersecurity solutions provider TechD Cybersecurity's initial public offering attracted robust response from investors and closed with a massive 667.98 times subscription on September 17, the final day of bidding.
TechDefence Labs launched its maiden public issue on September 15 to raise Rs 38.99 crore via entirely fresh issue of 20.2 lakh shares. The price band for the offer was Rs 183-193 per share.
Investors have bid 96.54 crore shares worth Rs 18,634 crore compared to the offer size of 14.45 lakh shares valued at Rs 27.89 crore via 4.92 lakh applications during September 15-17.
Non-institutional investors took the lead amongst them, bidding 1,279.4 times their allotted quota. The parts reserved for retail investors and qualified institutional buyers were subscribed 726 times, and 284.17 times, respectively.
Given the robust response, the IPO shares garnered solid interest from the grey market investors community, trading at more than 90 percent premium over the offer price, up from 83 percent premium seen in the previous session, the market observers said.
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The Gujarat-based company will finalise the IPO share allotment by September 18, while its equity shares will be available for trading on the NSE Emerge with effect from September 22.
Of the total IPO size, TechDefence Labs has already raised Rs 11.09 crore via anchor book of 5.74 lakh shares on September 12.
The company will spend Rs 26.09 crore of the IPO proceeds for investment in human resources, Rs 5.9 crore for setting up Global Security Operation Centre (GSOC) at Ahmedabad, and the remaining amount for general corporate purpose.
GYR Capital Advisors acted as the merchant banker for the TechD Cybersecurity IPO.
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