Systango Technologies IPO GMP
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 up to 38,68,800 equity shares of the company. The company’s shares 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 company shares command a premium (GMP) of ₹25 in today’s grey market.
Systango Technologies Ltd provides software solutions that enable companies to design, implement and manage their customized digital platforms, including Web2, Web3, and mobile applications, with a 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 finalization of the basis of share allotment of the public Issue is expected to occur this week on Friday, March 10, 2023. Bigshare Services Pvt Ltd is the registrar of the share sale.
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