₹23-crore Xelpmoc Design public float opens today

Our Bureau Chennai | Updated on January 22, 2019 Published on January 22, 2019

Firm mopped up ₹10.35 crore from anchor investors

The ₹23-crore initial public offering of Xelpmoc Design & Tech opens for subscription on Wednesday and closes on Friday. The price band of the issue is ₹62-66 a share.

The company on Tuesday allotted 15.68 lakh shares at ₹66 a share aggregating to ₹10.35 crore to two anchor investors. While Washington University Chanakya Capital Partners has received 8.10 lakh shares, University of Notre Dame DU LAC got 7.57 lakh shares in the anchor portion.

Payment via UPI

The professional and technical consulting services firm offers a discount of ₹3 on the issue price to retail investors. The small-sized tech company will allow retail investors to pay through the Unified Payments Interface (UPI). As this would be the first company to venture into UPI payment mode, all eyes are on the IPO.

If it turns successful, this could pave the way for significantly reducing the time between the IPO closing date and listing.

UPI is a mobile-based application that enables instant payment from one bank account to another.

The company proposes to utilise the net proceeds of the issue for the purchase of IT hardware and network equipment for development centres in Kolkata and Hyderabad, purchase of fitouts for new development centres in Kolkata and Hyderabad, funding the working capital requirements, and general corporate purposes.

Shares of the company will be listed on the BSE and the NSE.

Published on January 22, 2019
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