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City-based IT solutions provider Dev Information Technology Ltd's SME IPO on the NSE Emerge platform attracted record bids worth Rs 463.5 crore against the offer for Rs 6.25 crore.
According to bankers, the issue, which opened on March 31 and closed on April 6, was oversubscribed by 74.17 times.
The IPO was under the category of fixed price issue at Rs 42 per equity share with a minimum order quantity of one lot of 3,000 equity shares. The issue size involves 14,88,000 equity shares of Rs 10 each aggregating up to Rs 6.25 crore.
Retail portion of the IPO was oversubscribed by 89.14 times, while in the HNI portion it received 69.29 times more bids.
The company plans to utilise the proceeds from the IPO to meet its working capital requirements and for general corporate expenses. Shares of the company will be listed on the National Stock Exchange and Small and Medium Enterprises Exchange.
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