TechD Cybersecurity had a stellar debut on the NSE Emerge platform on September 22, opening at Rs 366.70 per share — almost 90 percent higher than its issue price of Rs 193.
Despite the strong listing, the gains fell short of what the grey market had been signalling. Prior to listing, TechD’s shares were commanding about Rs 403 apiece in the unofficial market, reflecting a 109 percent premium over the issue price, as per Investorgain data.
SME IPO sees record-breaking demand
The SME issue, backed by noted investor Vijay Kedia, witnessed frenzied demand during its subscription window from September 15 to 17. Overall, the IPO was booked nearly 668 times. The price band for the offer was fixed at Rs 183–193 per share.
Among categories, non-institutional investors dominated the response, subscribing 1,279.4 times their quota. The retail portion attracted bids 726 times the shares on offer, while the qualified institutional buyers’ category was subscribed 284.17 times.
Applications were allowed in lots of 600 shares, requiring a minimum outlay of about Rs 1.16 lakh.
From the IPO proceeds, the company plans to channel Rs 26.09 crore into expanding its workforce and Rs 5.9 crore into establishing a Global Security Operation Centre (GSOC) in Ahmedabad. The balance will be set aside for general corporate purposes.
GYR Capital Advisors was the lead manager for the TechD Cybersecurity IPO.