SA Tech Software India IPO closes with bumper subscription: NSE SME issue booked 621 times, check key details

SA Tech Software India IPO subscription closed with a bumper subscription on the last day of bidding on July 30 as the public issue was oveall booked 621.36 times.

The IT consultancy services provider’s initial public offering (IPO) received bids for more than 157.45 crore shares compared to 25.34 lakh shares on offer.

The NSE SME issue was subscribed an whopping 1,179.49 times in the non-institutional investors (NIIs) category with applications for 64.16 crore shares against 5.44 lakh shares set aside for the segment.

Retail individual investors applied for over 78.71 crore shares against 12.66 lakh shares set aside for the category, leading to 621.76 times booking in the category.

On the last day of subscription, the qualified institutional buyers (QIB) placed bids for 14.57 crore shares against 7.24 lakh shares set aside for them leading to a booking of 201.29 times.

SA Tech Software India Limited IPO offer size, price band and other details

SA Tech Software India IPO is a book-building issue worth ₹23.01 crore. The public offer comprised entirely a fresh issue of 39 lakh shares, including an anchor allocation of 10.82 lakh shares.

SA Tech Software India IPO price band was fixed at ₹56 to ₹59 per share.

The subscription window for the NSE SME IPO was open from July 26 to July 30. The IPO allotment status is likely to be finalised on July 31.

Refunds will be initiated for unsuccessful bidders on August 1 and shares will be credited in the Demat accounts of successful bidders the same day.

Shares of SA Tech Software India are likely to be listed on the NSE SME platform on August 2.

GYR Capital Advisors Private Limited is the book-running lead manager of the SA Tech Software India IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.

The market maker for SA Tech Software India IPO is Giriraj Stock Broking.

SA Tech Software India Limited IPO objective

S A Tech Software India Limited plans to use the funds raised via the public issue will be allocated towards reducing or settle some of the company’s existing borrowings.

The funds will be directed towards addressing the company’s working capital needs and a significant portion will be utilised for general corporate purposes.

About SA Tech Software India Limited IPO

SA Tech Software India Limited, established in 2012, is a prominent IT consultancy firm. The company is a subsidiary of the United States-based SA Technologies Inc. The company offers services in mobile app development and cloud infrastructure. Its comprehensive service portfolio also includes advanced areas such as artificial intelligence (AI), machine learning (ML), generative AI, Internet of Things solutions, data science and analytics.