S A Tech Software IPO Hits 5% Upper Circuit Limit on NSE SME

The NSE SME listed S A Tech Software India shares at ₹112.10 apiece, which is 90% more than share issue price of ₹59. share price of S A Tech Software, which made spectacular debut on stock exchange on Friday due to high demand for its initial public offering (IPO), was trapped at 5% upper circuit.
 
S A Tech Software India IPO is book-built issue of Rs 23.01 crores, offering 39 lakh fresh shares. Bidding occurred from July 26 to July 30, 2024, with allotment finalized on July 31, 2024, & shares listed on NSE SME on August 2, 2024. price band is ₹56 to ₹59 per share, with minimum lot size of 2000 shares for retail investors requiring investment of ₹118,000. GYR Capital Advisors Private Limited is lead manager, & Bigshare Services Pvt Ltd is registrar. IPO offers shares in various categories: 18.56% to QIB, 13.95% to NII, 32.46% to RII, & 27.74% to anchor investors, raising ₹6.38 crore from anchor investors.
 
Founded in 2012, S A Tech Software India Limited, IT consulting subsidiary of S A Technologies Inc., US A, offers range of services including application & mobile app development, cloud infrastructure, software quality assurance, generative AI, machine learning, IoT solutions, & data science & analytics. company's portfolio includes technology & digital transformation services for Fortune 500 clients, such as AI & ML, software development & engineering, digital transformation & automation, cloud & DevOps services, & quality assurance & testing. As of September 30, 2023, company employed 356 people.
 
To Summarize

S A Tech Software India made stellar debut on NSE SME, listing at ₹112.10 per share, 90% premium over its issue price of ₹59. Following strong demand, shares extended gains & were locked at 5% upper circuit at ₹117.70 per share. IPO was highly successful, with total subscription of 621.25 times, receiving bids for 157.42 crore equity shares against offer of 25.34 lakh shares. proceeds will be used for repaying certain borrowings, working capital, & general corporate purposes.