Tridhya Tech IPO Day 2: Subscription Status, Issue Details, and GMP
Tridhya Tech, a software development company based in Ahmedabad, has kicked off its SME public subscription on Friday, June 30, with the offering set to conclude on Wednesday, July 5. The price band for the IPO is maintained at ₹35-42 per equity share, with a lot size of 3,000 scrips. Reports indicate that 62.88 lakh units will be available for sale.
Through this IPO, Tridhya Tech aims to raise approximately ₹26.41 crore. The lead manager overseeing the issue is Interactive Financial Services.
To participate in the IPO, interested applicants must submit a minimum of ₹1.05 to ₹1.26 lakh. The retail investor quota and high net worth individual quota stand at 35% and 15%, respectively, while the QIB quota is capped at a maximum of 50%. Additionally, 3,15,000 equity shares have been reserved for market makers.
Before the IPO, the promoter group held an 80.8% shareholding, which will decrease to 58.98% following the issue.
Proceeds from the public offering are intended to be used for repaying secured and unsecured loans, as well as for general business purposes. Tridhya Tech’s shares will be listed on the SME Emerge Platform of the National Stock Exchange after the IPO.
Subscription Status of Tridhya Tech Ltd IPO:
Tridhya Tech Ltd’s SME IPO has been subscribed 1.30 times as of Day 2. The issue has received a positive response from retail investors, with their portion being subscribed 1.85 times. The non-institutional bidders (NII) portion has witnessed 82% subscription. The qualified institutional buyer (QIB) portion, on the other hand, has achieved a subscription rate of 55%, according to data from chittorgarh.com.
At 16:40 IST, bids were received for 59,16,000 shares out of the 6,288,000 shares on offer, as reported on chittorgarh.com.
On Day 1, the issue saw a subscription rate of 29%, with the retail portion being subscribed 48% and the NII portion at 20%.
Tridhya Tech Ltd IPO Grey Market Premium (GMP) Details:
The Tridhya Tech IPO GMP, or grey market premium, currently stands at +10. This indicates that Tridhya Tech shares are trading at a premium of ₹10 in the grey market as of Monday, according to topsharebrokers.com.
Considering the upper end of the IPO price band and the current grey market premium, the estimated listing price for Tridhya Tech shares is ₹52 apiece, reflecting a 23.81% increase over the IPO price.
About Tridhya Tech:
TridyaTech is a comprehensive software development company that specializes in providing services for eCommerce, web, and mobile application development. Our philosophy is grounded in technological empowerment, and we provide end-to-end tech solutions to create a powerful digital footprint.
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