Alphalogic Techsys IPO Subscription Details
India’s first startup IPO was oversubscribed on the last of the bidding process. It is the first firm to float a startup IPO in Indian stocks. It oversubscribed by 1.18 times on Wednesday, the final day of the subscription period.
The IPO has raised about Rs 6.18 crore, received bids for 8,72,000 shares against the total size of 7,36,000 shares. As of the source, the IPO was oversubscribed by 1.96 times by non-institutional investors and retail investors were subscribed 53 percent.
The Alphalogic Techsys equity shares will schedule to list on BSE’s SME startup platform on 5th September this year.
Alphalogic Techsys IPO was managed by Finshore Management Services Limited.
The promoters of the offer fixed a price band at Rs 84 per equity share. As of the source, the company will utilize funds raising through the IPO towards meeting the working capital requirements of the company, to meet the issue expenses, and general corporate purposes.
It offers end-to-end technology services and solutions to the clients. Business Process Automation suite and Business process Management software is the main product of the company. Alphalogic Techsys offered it’s services to many other platforms like healthcare, social networking, fintech, e-commerce, and others. In Fy 2018 -2019, the company total assets valued at Rs 415.40 lakhs. It gained a profit of Rs 219.05 lakhs after tax.