Shares of Plada Infotech, promoted by Shailesh Kumar Damani and Anil Mahendra Kotak, made a strong debut on the NSE SME platform on Friday, opening at a 23% premium over the IPO price at Rs 59 ($1 = Rs 83.2). The IPO, which was active from September 29 to October 5, saw an overwhelming response from investors.
The offering was managed by Indorient Financial Services, with Nikunj Stock Brokers acting as the market maker and Bigshare Services functioning as the registrar. Retail investors showed significant interest in the IPO, subscribing 73.78 times over, while high net-worth individuals also heavily participated, with a subscription rate of 39.81 times. This led to an overall subscription rate of 57.85 times.
Through this IPO, Plada Infotech raised Rs 12.36 crore ($1.66 million). The funds will be utilized for various purposes including meeting working capital needs, IT development purchases, loan repayments, and corporate expenses.
The listing resulted in a decrease in the promoters' stake from 89.5% pre-IPO to 62.64% post-IPO. Prior to the listing, the grey market premium for the shares stood at Rs 7.
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