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BSE SME Sancode Tech subscribed 8%

Published on Mar 31, 2023 17:45

The initial public offer (IPO) of Sancode Technologies received bids for 90,000 shares as against 10,95,000 shares on offer, as per BSE data as of 17:00 hours on Friday (31 March 2023). The issue was subscribed 0.08 times.

The issue opened for bidding on Friday (31 March 2023) and it will close on Thursday (6 April 2023). The IPO price is fixed at Rs 47 per share. The minimum order quantity is 3000 shares. The equity shares are proposed to be listed on SME Platform of BSE.

The IPO comprises fresh issue of 10,95,000 equity shares. About 57,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 10,38,000 equity shares. The issue and the net issue will constitute 26.91% and 25.51%, respectively of the post issue paid-up equity share capital of the company.

The promoter and promoter group shareholding will dilute to 71.24% post IPO from 97.47% pre-IPO.

The company intends to utilize the net proceeds from the issue for funding working capital requirements; and general corporate purposes.

Sancode Technologies is a software and product development company offering an API enabled platform and solutions that enable organizations to rapidly adopt powerful technology applications addressing their strategic business needs. The company enables organizations to drive digital transformation and competitive differentiation by providing them easy to implement pre-built business logic and solution workflows specially for finance automations.

On a consolidated basis, the company recorded a revenue from operations of Rs 1.42 crore and net profit of Rs 0.66 crore for the period ended on 30 September 2022.

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