Optivalue Tek Consulting IPO: The initial public offering (IPO) of Optivalue Tek Consulting, which opened for subscription on Tuesday, September 2, sailed through on the first day of the bidding process itself.
The issue, however, will remain open for bidding till Thursday, September 4.
Optivalue Tek Consulting IPO Subscription
Optivalue Tek Consulting IPO was subscribed 1.71 times as of 2.55 pm on the first day of bidding. The retail portion sailed through with 1.03 times bids. Meanwhile, the NII part was subscribed 5.39 times, and the QIB segment was booked 12% so far.
The issue received bids for 70,44,800 shares as against 41,20,000 shares on offer.
Optivalue Tek Consulting IPO Details
The ₹51.82 crore SME IPO of Optivalue Tek Consulting is entirely a fresh share sale of 0.62 crore shares. The price band for Optivalue Tek Consulting IPO is set at ₹80-84 per share.
Investors can apply for Optivalue Tek Consulting IPO in lots of 1600 shares. Retail investors need to apply for at least two lots, requiring an investment of ₹2,68,800 based on the upper price band of the issue.
The company plans to use the funds raised from the share sale for meeting expenses for the development of new projects, setting up a branch office at Bangalore, upgrading existing IT hardware and software at the company, along with meeting working capital needs and general corporate purposes.
Share India Capital Services is the book-running lead manager, and Cameo Corporate Services is the registrar of the issue.
Optivalue Tek Consulting IPO shares will list on the NSE SME platform, with a tentative listing date set as September 10.
Optivalue Tek Consulting IPO GMP
Optivalue Tek Consulting IPO GMP (grey market premium) today is ₹15. It has held steady over the last four days. At the prevailing GMP and upper end of the price band of ₹84, Optivalue Tek Consulting IPO shares could list at ₹99, signalling a listing pop of 17.86%.
However, investors must understand that GMP is subject to wide fluctuations and should not be the sole factor for applying for an IPO.
About Optivalue Tek Consulting
Optivalue Tek Consulting is a technology consulting company specialising in digital transformation and enterprise modernisation. Its range of services includes data integration, cloud solutions, DevOps, AI-driven analytics, telecommunications solutions (BSS/OSS transformation), web and mobile app development, and digital engineering.
The company has a global presence. Apart from India, it has offices in USA and Australia.