Xelpmoc IPO Fully Subscribed On Day 2
Xelpmoc Design and Tech Limited (“Company”), a professional and technical consulting services company, has received an overall subscription of 1.26 times for its IPO, according to the stock exchange website.
The Qualified Institutional Bidder (QIB) portion was subscribed 1.22 times and Non-Institutional Bidder (NIB) portion was subscribed by around 1.66 times. The retail investors had subscribed around 0.79 times of their allocation.
The Company, which opened its IPO on Wednesday, offers technology services and end-to-end technology solutions and support provider launched its IPO on January 23, 2019 with a price band of Rs 62 - Rs. 66 per Equity Share.
The total size of the IPO aggregates to Rs 23 crore and closes on January 25, 2019. The Company has also offered a discount of Rs 3 on the issue price to retail investors.
Its anchor book, which closed on Tuesday, saw investments from anchor investors such as Washington University Chanakya Capital Partners andUniversity of Notre Dame DU LAC to whom the Company has allotted 1,568,181 equity shares at an upper price band of Rs. 66 per share, aggregating to approximately Rs. 10.35 crore.
The Company proposes to utilize the net proceeds of the Issue for the purchase of IT hardware and network equipment’s for development centers in Kolkata and Hyderabad; Purchase of fit outs for new development centers in Kolkata and Hyderabad; Funding the working capital requirements of our Company; and general corporate purposes.
The shares of the Company will be listed on NSE and BSE. ITI Capital Limited is the Book Running Lead Manager (“BRLM”) to the Issue. The Registrar to the Issue is Karvy Fintech Private Limited.