Pelatro hits 5% upper circuit after listing at 37% premium on NSE SME; check details

Customer engagement platform provider Pelatro made a strong debut on the NSE SME platform with shares listing at a premium of over 37% over the issue price.

According to exchange data, the company's shares started trading at ₹275 per share, reflecting gains of 37.5% over the issue price of ₹200 per share. The stock gained a further 5% to hit the upper circuit at ₹288.75 per share on string buying by investors.

More than 7.63 lakh shares of the company changed hands on the bourse in the early hours. The traded value stood at ₹ 21.06 crore.

At the listing price of ₹275 per share, IPO investors made total gains of ₹45,000 per lot as the company fixed the lot size at 600 shares and the minimum investment required was ₹1,20,000 per lot.

Global technology solutions provider Pelatro Ltd launched its IPO from September 16 to 19 to raise ₹55.98 crore from investors. The Pelatro IPO comprised a fresh issue of 27.99 lakh shares. The company fixed the price band at ₹190 to ₹200 per share for the IPO. The minimum lot size was 600 shares while the minimum investment required was ₹1,20,000.

Riding on strong demand, the company Pelatro Ltd IPO was booked 21.72 times at the close of bidding on September 19.

The customer-centric business solutions provider's IPO garnered applications for more than 4.07 crore shares, against 18.76 lakh shares on offer.

The Non-Institutional Investors (NIIs) placed bids for over 2.18 crore shares against 3.92 lakh shares set aside for them. The NII portion was booked 55.62 times.

The retail individual investor category was booked 12 times. Applications for 1.09 crore shares were received against 9.13 lakh shares set aside for the segment.

The Qualified Institutional Buyers (QIBs) quota was subscribed 15.21 times. Bids for 79.33 lakh shares were received against 5.21 lakh shares set aside for the category. The employees applied for 50,400 shares.

Pelatro IPO objective

Pelatro Ltd plans to use the IPO proceeds to buy and set up IT equipment, servers, computer hardware, and other ancillary equipment. The company will spend around ₹10.11 crore on the purchase of the equipment.

It will invest ₹10 crore in its subsidiary. Pelatro has a wholly-owned subsidiary in Singapore under the name of Pelatro Pte. Ltd. To improve its efficiency, acquire new customers, leverage existing customers and expand offerings it further needs to expand the team for which hiring and recruiting the intended manpower at different levels will also require substantial investments.

The funds will also be used to meet working capital needs and for general corporate purposes.

About the company

Pelatro offers a customer engagement platform under the name mViva. It enables customer-centric interactions between companies and their end users. Pelatro offers services such as data collection, analytics, intelligence gathering, execution and reporting.

As of May 31, 2024, our Customer Engagement Platform has been implemented or is under implementation in 38 telecom networks spread across 30 countries, including India. Out of these networks, 16 are in Asia, 5 are in the Middle East, 15 are in Africa, 1 is in the Caribbean, and 1 is in Europe.