Home / Markets / Ipo /  SME IPO oversubscribed on strong demand from retail investors, last day to bid today. Check GMP

The three-day initial public offering (IPO) of Systango Technologies Limited opened for public subscription last week on March 2, 2023 and will conclude on Monday, March 6, 2023. The price Band of the issue is fixed at 85-90/share. 

As of 10:30 am on the last day, the Systango Technologies IPO is oversubscribed 7.93 times with 17.83 times bid seen in the retail investors' category, 0.61 times in the Qualified Institutional Buyers (QIB) category, and 9.16 times in the non-institutional investors (NII) category, as per the exchange data.

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 NSE Emerge platform on March 15, 2023. The SME platform of the exchanges is intended for small and medium sized companies. As per market observers, the shares of the company are commanding a premium (GMP) of 25 in the grey market today.

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 strategic Investment and Acquisitions, investment in Subsidiaries, and to meet the working capital requirements.

The finalisation of the basis of share allotment of the public issue is expected to take place this week on Friday, March 10, 2023. Bigshare Services Pvt Ltd is the registrar of the share sale.

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