Ahmedabad-based Tridhya Tech‘s SME public issue will open for subscription on Friday, June 30. The price band is kept at Rs 35-42 per equity share with a lot size of 3,000 scrips. Around 62.88 lakh units will be on offer.
The software development company plans to raise up to Rs 26.41 crore from this issue, which closes on Wednesday, July 5, a media release stated. Interactive Financial Services is the lead manager of the issue.
The minimum application amount is Rs 1.05 – Rs 1.26 lakh per application. As part of the IPO, retail investor and HNI quotas are kept at 35% and 15% of the issue, respectively, while the QIB quota is kept at a maximum 50%. Market maker reservation portion is 3,15,000 equity shares, the release said.
The pre-issue promoter group shareholding is at 80.8%, which will come down to 58.98% post the issue, the release said.
The company plans to use the proceeds of the public issue for the repayment of unsecured and secured loans and general corporate purposes, the release stated. Following the IPO, the company’s shares will be listed on the SME Emerge Platform of the National Stock Exchange.
Incorporated in 2018, Tridhya Tech Limited is a full-service software development company that caters to eCommerce, web, and mobile application development and provides end-to-end tech solutions, the release claimed.
“After the proposed public issue, we will be able to execute our growth strategy in a manner that creates exponential value for all stakeholders. Proceeds of the issue will further strengthen the company’s balance sheet and help fund its strategic growth initiatives,” Managing Director Ramesh Marand said.
The company reported FY2021-22 revenue at Rs 14.07 crore while net profit at Rs 3.39 crore. For the nine months ended December 2022, the company reported total revenue of Rs 15.08 crore and earned net profit of Rs 2.85 crore, the media filing said. As on December 2022, net worth of the company and total assets stood at Rs 20.30 crore and Rs 59.69 crore, respectively. The reserves and surplus reported by the company is at Rs 18.60 crore.
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