Sahana Systems shares jump 5% after fresh acquisitions; stock turns multibagger in 3 months

Shares of Sahana Systems surged more than 5 per cent during the trading session on Monday after the company announced acquisition of two entities, which could result in various benefits. The company informed about the same through an exchange filing on Friday, after the market hours.

Sahana System has successfully acquired Softvan Private Limited and Softvan Labs Private Limited in a strategic business transaction, the company said in the exchange filing. The acquisition was done at a valuation of Rs 15 crore and was completed on August 18, 2023, the filing added.

"This significant acquisition marks a pivotal moment in the growth and evolution of Sahana System as we continue to expand our presence and offerings in the technology sector. We believe this strategic move will yield substantial benefits for our company and our valued stakeholders," said the NSE-listed entity in its filing.

Following the announcement, shares of Sahana Systems surged more than 5 per cent to Rs 285 on Monday, commanding a total market capitalization of more than Rs 225 crore. The scrip had settled at Rs 271.35 on Friday. The stock is up 110 per cent from its 52-week low at Rs 136.05.

According to the company, the acquisition of the given entities would lead to a transformative step toward growth, diversification, and innovation. It will result in a diversified service portfolio, enhanced technology expertise, strategic positioning, commitment to innovation and market expansion, said the company.

The company had launched its SME-IPO in June this year when it raised Rs 32.75 crore from primary markets, which was entirely a fresh sale. The company offered its shares in the range of Rs 132-135 apiece. The stock has turned multibagger in just three months from its issue price so far.

Incorporated in 2020, Sahana System is engaged in the business of offering IT-related services, including web app development, mobile application development, AI & ML development, ChatBot development, and product prototyping. It also offers graphics designing, UI/UX design, SEO and ASO, digital marketing, website and application migration, and cyber security services.

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