Mumbai: InfoBeans Technologies Ltd on Tuesday listed on the National Stock Exchange (NSE) small and medium enterprise (SME) platform Emerge at Rs69.60 per share, up 20% from its issue price of Rs58.
The information and technology provider had raised Rs1,100 crore through its initial public offer (IPO), which was open from 18-21 April, the highest ever fund raised by any company in the SME segment.
“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.
The issue size of InfoBeans Technologies was Rs36.5 crore. Proceeds of the fund raised will be used for acquisition and other strategic takeovers, technical development, investment in subsidiaries, advertising and sales promotion, general corporate purpose and issue expenses.
It is also looking at expanding its presence to enter newer geography including Europe and Middle East and increase its US operations to grow the business in the region.
According to NSE, the Indore-based company’s IPO has been subscribed overall by over 30 times. The segment of qualified institutional buyers (QIBs) was subscribed by 1.71 times, while the category of non-institutional investors got 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), Enterprise Mobility (EM), and provides custom developed services to offshore clients.