IT solutions and consultancy services provider Yudiz Solutions has seen decent performance on its debut on August 17, despite subdued equity market conditions.
The stock closed at Rs 181.40 on the NSE SME, up 10 percent over the issue price of Rs 165, but below the opening price.
The stock opened at Rs 185 and climbed up to Rs 191 during the day, while Rs 181 is the lowest level on the debut day.
The traded volume on the counter was 9.02 lakh shares on the first day.
The digital transformation and technology services company has raised Rs 44.84 crore via public issue of 27.17 lakh equity shares. This was a book-built issue and the price band for the offer was Rs 162-165 per share.
Also read: Will subdued market conditions impact Concord Biotech debut on August 18?
It was entirely a fresh issue by the company. Hence, the issue proceeds, excluding IPO expenses, will be utilised for the acquisition, and development of new products and technology.
The funds will also be used for networking and cabling, and branding and marketing. The capital expenditure and working capital requirements will also be fulfilled through fresh issue proceeds.
Yudiz Solutions, which offers web, mobile, game and blockchain solutions, is a subsidiary company of Ability Games that is majorly engaged in the business of online fantasy gaming and innovative gaming products.
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