Diensten Tech Limited IPO subscribed over 54 times, check key details of the NSE SME issue

The initial public offer (IPO) of Diensten Tech Limited saw strong investor interest, achieving a subscription rate of 54 times on the final day of bidding, per NSE data till 5 pm on June 28. The public issue garnered bids for 7.9 crore shares, surpassing the 14,70,000 shares available for subscription.

Among different investor categories, the Non-Institutional Investor (NII) segment led the charge with a subscription rate of 155.33 times. NIIs placed bids for more than 4.9 crore shares against the offered 3,15,600 shares.

Retail investors also showed significant interest, subscribing 35.85 times, with bids received for 2.63 shares against the allocated 7,34,400 shares. Qualified Institutional Buyers (QIBs) also participated actively, subscribing to their allocation 9.60 times. The company received bids for 40.33 lakh shares against the available 4,20,000 shares.

Diensten Tech IPO allotment and listing

The basis of allotment for the Diensten Tech IPO is expected to be finalised on Monday, July 1. The refunds for unsuccessful applicants are expected to be initiated on Tuesday, July 2, coinciding with the credit of shares to investors’ demat accounts, scheduled for the same day.

Shares offered in Diensten Tech IPO are likely to list on the NSE Emerge platform on Wednesday, July 3, marking the company’s debut on the stock market.

Diensten Tech IPO price band

Diensten Tech’s initial public offering (IPO) is a book-built issue of ₹22.08 crore, comprising entirely of a fresh issue of 22.08 lakh equity shares of a face value of ₹10 each. Of this, Diensten Tech has reserved 1.10 lakh equity shares for the market makers– Share India Securities Ltd.

The public issue’s price band has been set between ₹95 and ₹100 per share, with a minimum lot size requirement of 1,200 shares for retail investors. They are required to invest a minimum of ₹1.20 lakh equivalent.

High Net Worth Individuals (HNI) must apply for a minimum of two lots, or 2,400 shares, amounting to an investment of ₹2.40 lakh. Investors have the flexibility to bid for additional shares in multiples of 1,200 shares.

Diensten Tech IPO objectives

Diensten Tech intends to allocate the proceeds from the IPO towards several key objectives, apart from leveraging the benefits of listing on the NSE Emerge Platform. These objectives include settling liabilities related to the acquisition of the ‘Professional Services and Training Division’ business from J K Technosoft Limited, as per the business transfer agreement dated April 30, 2022. Additionally, the company proposes to use the funds to meet its working capital needs, address general corporate requirements and cover the expenses associated with the IPO issuance.

About Diensten Tech Limited

Founded in 2007 as JKT Consulting Limited and now operating under the name Diensten Tech Limited, the company offers information technology services and solutions. Diensten Tech offers IT support and consulting services, including professional resourcing, IT consulting and software AMC across sectors including IT, banking and finance, automotive and engineering and telecommunications. The company also provides corporate training services, which include technical and soft skills development.

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