The initial public offering of Alphalogic Techsys Ltd—the first Indian technology venture to float its share sale on the BSE startup exchange—sailed through on the second day of the issue on Wednesday.
The offering of 736,000 shares had received bids for 870,400 shares by 4:30 pm, stock-exchange data showed. The issue opened on Tuesday and closes on Thursday.
Non-institutional investors, which include corporate houses and affluent individuals, bid for 684,800 shares while retail individual investors placed offers for 185,600 shares.
The software services provider is the first company seeking to list on BSE’s SME startup platform after the Securities and Exchange Board of India tweaked its listing norms for such companies in December last year.
Pune-based Alphalogic is offering the shares at Rs 84 apiece to raise a total of Rs 6.18 crore. The share sale will result in a dilution of a 26.5% stake in the company.
Of the total amount, Alphalogic aims to use Rs 5 crore to meet its working capital requirements and Rs 71 lakh for general corporate purposes.
Alphalogic was incorporated as a proprietorship in 2016 by Anshu Goel. It was converted into a public limited company last year.
The company offers a wide range of services including web and mobile application development, business intelligence and data analytics. It says it has clients in the healthcare, enterprise software, e-commerce, fintech and social networking sectors.
Alphalogic recorded operating revenue of Rs 5.01 crore for the year through March 2019, up from Rs 2.18 crore the year before. Its profit after tax jumped to Rs 2.19 crore from Rs 37.09 lakh.