S A Tech Software India IPO: The initial public offering (IPO) of S A Tech Software India Limited, which was opened for public subscription on July 26, has received a decent response from investors so far. Till 5:00 pm on the second day of bidding on Monday, the 23.01-crore SME IPO received 100.32 times subscription, garnering bids for 25,42,08,000 shares as against 25,34,000 shares on offer.
According to the latest data, the retail quota received a 158.23 times subscription, while the non-institutional investors category got an 87.08 times subscription. The qualified institutional buyers (QIB) category received a 9 times subscription.
S A Tech Software India Ltd is an IT consulting subsidiary of the foreign corporation SA Technologies Inc, USA.
The S A Tech Software India will be closed on July 30. The IPO had received a 15.37 subscription on the first day of bidding (July 26).
The share allotment will likely be finalised on July 31, while its listing will take place on the NSE SME on August 2.
The price band of the IPO has been fixed at Rs 56-Rs 59 apiece.
S A Tech Software India IPO GMP Today
According to market observers, unlisted shares of S A Tech Software India Ltd are trading Rs 80 higher in the grey market as compared with its issue price. The Rs 80 grey market premium or GMP means the grey market is expecting a 135.59 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
S A Tech Software India IPO: More Details
The S A Tech Software India IPO is entirely a fresh issue of 39 lakh shares.
Investors need to apply for a minimum of 2,000 equity shares and in multiples thereof. Hence, the minimum investment by retail investors would be Rs 1,18,000 [2,000 (lot size) x Rs 59 (upper price band)].
The IPO proceeds will be utilised towards: 1) prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company;
2) funding the working capital requirements of the company; and
3) general corporate purposes.
S A Tech Software India Ltd’s revenue rose 27.59 per cent and its profit after tax (PAT) jumped 266.7 per cent during the financial year 2023-24.
S A Tech Software India, which was founded in 2012, is an IT consulting subsidiary of the foreign corporation SA Technologies Inc, USA. It provides application development, mobile app development, cloud infrastructure, software quality assurance, generative AI, machine learning, IoT solutions, data science and analytics.
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