Initial public offer (IPO) of Ahmedabad-based software development company, Tridhya Tech, was subscribed by over 72 times, the company has said in a release on Thursday.  

Tridhya’s Rs 26.41-crore SME IPO received the highest interest from non-institutional investors’ category, which subscribed the issue by over 182.72 times. 

The retail segment was subscribed by 67.62 times, while the QIB category subscribed to the issue by 15.62 times. The company received bids for 32.87 crore shares against the 62.88 lakh shares on offer in the public issue. 

Tridhya has finalised the issue price at Rs 42 per share. The shares will be listed on the SME Emerge Platform of the National Stock Exchange on July 13, 2023. The public issue closed for subscription on July 5.  

The company plans to use the proceeds of the public issue for repayment of unsecured and secured loans and general corporate purposes. Interactive Financial Services was the lead manager of the issue. 

Tridhya Managing Director Ramesh Marand said: “We want to thank all the investors for their trust and confidence in the company and its management. We are confident that with the support of all the stakeholders, we will be able to execute our growth strategy in a manner that creates exponential value for all stakeholders.”