Bengaluru-based Xelpmoc Design and Tech, a tech company, has filed its draft red herring prospectus (DHRP) to raise ₹23 crore through an issue of equity shares. The company has filed the DHRP with SEBI and plans to hit the IPO market with its equity shares of face value ₹10 per share.
The net proceeds from the issue will be used to purchase IT hardware and networking equipment for its development centres in Hyderabad and Kolkata, as well as for its working capital requirements, the company said.
ITI Capital (formerly known as Inga Capital) is the book-running lead manager and Karvy is the registrar. The firm works with early-stage start-ups to leading brands to help them digitise their business processes and provide technology-based solutions such as data science, and design, among others.