Ahmedabad-based software developer Tridhya Tech Ltd debuted on the bourses on Thursday with a flat opening. However, the stock, listed on the NSE Emerge, closed at ₹44.10 after 5 per cent upper circuit. The offer price of the issue was ₹42.
Over 29.52 lakh shares got traded on the first day and the company achieved market capitalisation of ₹102.70 crore as per the closing price on July 13.
The listing ceremony was held in Ahmedabad in presence of Ashish Goyal, Vice President, National Stock Exchange, and Ramesh Marand, Managing Director of the company.
The company had received an overwhelming response for its ₹26.41-crore SME IPO which was oversubscribed by 72 times. It had received bids for 32.87 crore shares against the 62.88 lakh shares on offer in the issue.
The proceeds from the issue will be utilised for the repayment of unsecured and secured loans and general corporate purposes for the company’s business activities, it said in a statement.