The initial public offering (IPO) of Diensten Tech Ltd continued to receive strong investor response during the second day of bidding process. On Day 2, the SME public issue was booked 3.47 times.
The initial share sale got 54,79,200 bids as against a total issue size of 15,80,400. The non-institutional investor (NII) category saw 20,30,400 bids while the retail investors received bids for 34,48,800 shares.
With that being said, the quota for qualified institutional buyers (QIBs) was yet to receive an interest. The three-day IPO would conclude on June 28 (Friday).
The IPO aims to raise funds to cover the liabilities related to the outstanding payment for acquiring the "Professional Services and Training Division" from JK Technosoft Ltd. It also intends to meet the working capital requirement, general corporate needs and issue expenses.
Diensten Tech would list on NSE Emerge and the tentative listing date is likely July 3.
The price band for the initial share sale is set between Rs 95 and Rs 100 per share. And, the minimum lot size for an application is 1,200 shares.
Corporate Professionals Capital Pvt Ltd is the book-running lead manager of the Diensten Tech IPO, while Kfin Technologies Ltd is the registrar for the issue.
In the quarter that ended December 31, 2023, Diensten Tech reported revenue of Rs 26.21 crore, while revenue for the full year of 2023 came at Rs 37.60 crore.
The Delhi-based IT company is involved in professional resourcing, IT consultancy, training and Software AMC.