Plada Infotech Services Limited, a company specializing in Business Process Outsourcing (BPO) services, initiated its Initial Public Offering (IPO) on Friday, aiming to raise ₹12.36 crore ($1.65 million). The shares are set to be listed on the NSE EMERGE platform.
The IPO consists of up to 25,74,000 equity shares at a face value of ₹10 each. The share allocation is divided among Non-Institutional Investors (NII) with 12,22,500 Equity Shares, Retail Individual Investors (RII) also with 12,22,500 Equity Shares, and Market Maker with 1,29,000 Equity Shares.
The offering has been made available at a fixed price band of ₹48 per equity share. Ahead of issue opening, shares of Plada Infotech Services Ltd were available in the unlisted stock market at a premium of ₹20 in the grey market.
The net proceeds from the IPO will be used for funding working capital requirements, purchase of laptops and accessories for IT development, repayment and/or prepayment of certain outstanding loans, and for general corporate purposes. The issue is set to close on October 5th.
Shailesh Kumar Damani, Chairman and Managing Director of Plada Infotech Services Limited expressed his enthusiasm about this new journey and said that this significant step underscores their sustained commitment to innovation, growth, and delivering exceptional value to their clients.
Soumya Padhi, Founder of Indorient Financial Services Limited, the lead manager for Plada's IPO, expressed excitement about being part of this pivotal moment and highlighted Plada's dedication to excellence and innovation in the BPO sector.
The tentative date for share allocation is October 10th, with the listing date most likely on October 13th. Bigshare Services Private Limited has been appointed as the official registrar of the IPO.
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