Mumbai: Software developer InfoBeans Technologies Ltd Tuesday debuted on the National Stock Exchange’s (NSE) small and medium enterprise (SME) platform at Rs69.60 per share, 20% above its issue price of Rs58.

The company had received bids for Rs1,100 crore during its 18-21 April share sale, the highest by any company on Emerge, NSE’s SME platform.

“This is the largest fund procurement till date by an SME through an IPO route. The IPO has seen heavy participation including from some prominent FIIs (foreign institutional investors)," NSE said in a statement.

InfoBeans shares closed at the same price as they listed.

The company, which raised Rs36.5 crore in the IPO, plans to use the money for acquisitions, strategic takeovers, technical development, investment in subsidiaries, advertising and sales promotion and general corporate purposes. It is also looking to enter newer areas including the Europe and Middle East and expand its US operations.

The Indore-based company’s IPO was subscribed by over 30 times, NSE said. The segment of qualified institutional buyers (QIBs) was subscribed by 1.71 times, while the category of non-institutional investors was subscribed by over 190 times. The retail investors’ segment was subscribed by over 26 times. Sarthi Capital Advisors Pvt. Ltd was the lead manager to the issue.

InfoBeans offers business application development for web and mobiles, including custom application development (CAD), content management systems (CMS) and enterprise mobility (EM), among others.

More than 70 companies are listed on NSE’s Emerge-Institutional Trading Platform (ITP).

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