2 IPOs to open for public subscription this week. GMP, key details to know
1 min read . Updated: 27 Feb 2023, 02:52 PM IST
Premium- ResGen Limited and Systango Technologies Limited IPO will open for public subscription
The three-day initial public offerings (IPOs) of ResGen Limited and Systango Technologies Limited will open for public subscription this week on Tuesday, February 27, 2023 and on Thursday, March 2, 2023 respectively. The lead manager of Systango Technologies IPO is Hem Securities and for ResGen IPO the lead manager is Gretex Corporate Services Private Ltd.
IPOs this week -
Resgen IPO: ResGen's SME IPO is set to open on 28 February, 2023 and the three-day initial share sale is scheduled to conclude on March 2, 2023. The shares of the company are expected to list on BSE SME. ResGen IPO is priced at ₹45 – 47 per share based on a face value (FV) of ₹10 , with an issue size of ₹28 crore.
ResGen manufactures pyrolysis oil, which is a substitute for furnace oil, from waste plastics. Karan Atul Bora and Kunal Atul Bora are the promoters of the company.
Systango Tech IPO: The price Band of the issue that will open from March 2 till March 6 is fixed at ₹85-90/share. The Issue includes a fresh Issue of upto 38,68,800 equity shares of company. The shares of the company are expected to list on the BSE SME platform on March 15, 2023.
Systango Technologies Ltd is engaged in the business of providing software solutions that enables companies to design, implement and manage their own customized digital platforms including Web2, Web3 and mobile applications with strong emphasis on data and analytics. Vinita Rathi and Nilesh Rathi are the promoters of the company.
The company intends to utilize the proceeds for: 1. Strategic Investment and Acquisitions; 2. Investment in Subsidiaries; 3. To Meet Working Capital Requirements.
“The company has made tremendous growth in its top line and bottom line in the last 3 years. The GMP of Systango Technologies Limited is observed at Rs.31 as on Feb 27th 2023 as per the market sources. Considering the issue price of ₹90, the SME IPO could list at ₹121 (issue price plus the current estimated GMP). It could give listing gains of around 34% to its subscribers," said Manish Khanna, Co-Founder, of Unlisted Assets.
