Vertexplus Technologies IPO and Systango Technologies IPO: Final subscription status

The IPOs of Vertexplus Technologies and Systango Technologies closed on Monday, 06th March 2023. Both the IPOs had opened for subscription on 02nd March 2023. Let us individually look at the status of the two IPOs on the NSE SME segment.

A quick word on the NSE-SME IPO of Vertexplus Technologies Ltd

The SME IPO of Vertexplus Technologies Ltd involved the issue of 14.796 lakh shares at a price band of Rs. 91 to Rs. 96 per share. At the upper end of the band, the issue size aggregates to Rs. 14.20 crore; which is the number of shares issued multiplied by Rs. 96. The stock has face value of Rs. 10 and retail bidder minimum lot size was 1,200 shares entailing an investment amount of Rs. 115,200 in the IPO. In the case of HNI / NII investors, they had to bid for a minimum 2 lots of 2,400 shares entailing minimum investment of Rs. 230,400. Out of the total issue size, 50% was reserved for QIB investors, 35% of the net offer was reserved for retail investors and the balance 15% for HNI / NII investors.

The issue opened for subscription on 02nd March 2023 and closed for subscription on 06th March 2023 (both days inclusive). The basis of allotment will be finalized on 10th March 2023 and the stock would be listed on the bourses on 15th March 2023 on the NSE SME segment. The NSE SME is the segment, in contrast to the mainboard, where IPOs of small and medium enterprises (SMEs) are incubated. Let us now turn to how the subscription of the IPO panned out at the close of the last day of subscription.

Final subscription status of Vertexplus Technologies Ltd

Here is the subscription status of the Vertexplus Technologies IPO as at close on 06th March 2023.

QIBs have hardly participated in the issue and the subscription was dominated by the HNI / NII segment followed by the retail segment. Here is the day-wise progression of the subscription status of Vertexplus Technologies IPO.

It is clear from the above table that most of the subscription did come in on the last day of the IPO across categories. Let us finally look at how the distribution of the IPO across classes happened

In the above table, you will find the total number of shares lower than the number of shares issued in the IPO, but that is on account of the allocation of shares for market making, which is the difference.

A quick word on the NSE-SME IPO of Systango Technologies Ltd

The SME IPO of Systango Technologies Ltd entails the issue of 38.688 lakh shares at a price band of Rs. 85 to Rs. 90 per share. The IPO size at the upper band of Rs. 90 aggregates to Rs. 34.82 crore. The stock has a face value of Rs. 10 and retail bidders can only bid in minimum lot size of 1,600 share each, entailing a minimum investment of Rs.  144,000 in the IPO. Incidentally, that is the also the maximum that retail bidders can apply for.

In the case of HNI / NII investors, they are allowed to bid only for a minimum 2 lots of 3,200 shares entailing a minimum investment of Rs.  288,000. As per the terms of the offer, 50% of the offer is reserved for the qualified institutional buyers (QIBs), 35% for the retail investors and 15% for the HNI / NII category of investors. Being a book-built issue, the final price will be discovered through book building. Hem Finlease Private Limited will act as the market maker for the IPO of Systango Technologies with market maker portion of 196,800 shares.

The issue opened for subscription on 02nd March 2023 and closed for subscription on 06th March 2023 (both days inclusive). The basis of allotment will be finalized on 10th March 2023 while the stock is scheduled to list on 15th March 2023 on the NSE SME segment.

Final subscription status of Systango Technologies Ltd

Here is the subscription status of the Systango Technologies IPO as of the close of 06th March 2023, Monday; which is the last day of the IPO. The table below captures the updated subscription status of Systango Technologies as of the close.

There has been a strong response to the IPO of Systango Technologies. The QIBs have very actively participated in the issue and the subscription was dominated by the HNI / NII segment followed by the retail segment. Here is the day-wise progression of the subscription status of Systango Technologies IPO.

It is clear from the above table that most of the subscription did come in on the last day of the IPO across categories. Let us finally look at how the distribution of the IPO across classes happened

In the above table, you will find the total number of shares lower than the number of shares issued in the IPO, but that is on account of the allocation of shares for market making, which is the difference.