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Alphalogic Techsys IPO, India’s First Startup Issue, Fully Subscribed
Software consulting firm, Alphalogic Techsys' initial public offering (IPO) was subscribed fully on the second day of its bidding process. It is India's first firm to float a startup IPO. Its issue closes on Wednesday.
According to data on BSE, the Pune-based firm received bids for 7,60,000 shares for its total issue size of 7,36,000 shares.
The company's equity shares are scheduled to be listed on BSE's SME Startup Platform on 5 September. The Alphalogic Techsys' SME IPO issue date was deferred from 23-28 August to 26-28 August by the company, citing "unforeseen circumstances".
Finshore Management Services Limited is the issue's book-running lead manager.
The software consulting firm offers end-to-end technology solutions, technology consulting and support services. It is involved in mobile app development, web application development, business intelligence, data analytics and related segments.
Alphalogic Techsys has over 100 clients with multiple technical verticals in over 12 countries around the world.
In February, SEBI (Securities and Exchange Board of India) decided to create a separate platform for startups to provide young companies easier access to capital markets and bring in a new class of investors.
