IT Stock Gains 108% From 1-Year Low Ahead of IPO Launch of Its Subsidiary

Alphalogic Techsys is a small cap IT company that recorded a market cap of Rs 175.68 Cr during Wednesday's closing session. The company, which has its head office in Pune, India, was founded in 2008 and now has customers in more than 30 nations. The stock climbed 9.53% over the previous five trading sessions and 33.16% over the past month. This enormous buying interest seen in the stock after its subsidiary Alphalogic Industries Limited is all set to hit the market soon via an initial public offer (IPO).

Alphalogic Industries IPO is an SME IPO of 1,341,600 equity shares with a face value of Rs 10 and is aiming to raise Rs 12.88 Crores via IPO. The initial public offering will begin on July 3, 2023, and end on July 6, 2023. The minimum lot size for the issuance is 1200 shares, and the price per share is fixed at Rs 96. As a result, a retail investor must deposit a minimum of Rs 115,200 to subscribe to the issue.

The basis of share allotment will be done on Tuesday, 11 July 2023 and the listing date of the company is fixed on Friday, 14 July 2023. Alphalogic Industries is going to be listed on the BSE SME platform. Cameo Corporate Services Limited is the registrar of the issue while Finshore Management Services Limited is the lead manager of Alphalogic Industries IPO. Alphalogic Industries was founded in 2020 and is among the best storage system manufacturers based in Pune.

On Wednesday, Alphalogic Techsys closed on the BSE at Rs 50 apiece, up by 0.42% from the previous close of Rs 49.79. The shares of Alphalogic Techsys have gone up 74.64% over the last year, and year-to-date (YTD), they have climbed 32.98% so far in 2023. The stock made a 52-week-high of Rs 52.97 on (08/06/2023) and a 52-week-low of Rs 24.01 on (01/07/2022), indicating that the current market price, the stock is trading 108.24% above the 1-year low and 5.60% below the 1 year high.

During Q4FY23, the company reported promoter shareholding of 73.00% and public stake of 27.00%.