© Reuters.
Micropro Software Solutions’ IPO saw a robust response, with retail investors bidding 49 times their allotted quota during the subscription period from Friday to Tuesday. The IPO, which was open from November 3 to November 7, attracted over 36 times oversubscription.
The company made its debut on the NSE SME platform today at ₹80 per share, marking a ₹1 discount from the IPO price of ₹81. However, the stock quickly dropped to ₹76. The offering included no offer-for-sale component and raised ₹30.7 crore ($4 million) through a fresh issue of 37.9 lakh shares.
The IPO was managed by Swaraj Shares and Securities Private Limited and Purva Sharegistry India Pvt Ltd. Nikunj Stock Brokers served as the market maker. The proceeds from the IPO will be used to fund working capital needs, capital expenditure, and general corporate purposes.
Micropro Software Solutions is an IT services provider that serves over 4,000 clients globally in data processing, software development, and training. The company’s prominent promoters include Hitesh Dhirajlal Parikh, Meenakshi Sanjay Mokashi, Prashant Renukadas Rajurkar, Shefali Hitesh Parikh, and Swati Prashant Rajurkar.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Read the full article here