The IPO of IT solutions provider Sahana Systems has been one of the top-performing public issues in recent months. The initial public offering was launched in May this year, and it made its stock market debut in the subsequent month. Its stock is listed at a premium of 20 per cent on the NSE Emerge platform at Rs 163 as against the issue price of Rs 135, according to exchange data. NSE Emerge is an initiative by the National Stock Exchange for small and medium-sized enterprises and startup companies in the country.
The IPO has extended its gains since listing and delivered multibagger returns to its shareholders. According to exchange information, the investment of SME IPO allottees would have doubled in just three months.
On Monday, the stock closed higher at Rs 281.70, which is more than double the issue price of the NSE SME IPO.
An exchange filing said that Sahana Systems has acquired Ahmedabad-based startups Softvan and Softvan Labs. The acquisition is part of its expansion plan to diversify its product portfolio, which includes software development, cybersecurity, digital marketing, IoT solutions, and blockchain development, among others.
In total, the IT major's IPO was subscribed to 9.99 times. It consisted of a fresh issue of 24.25 lakh equity shares having a face value of Rs 10 each. While the price band was fixed at Rs 132-135 per share, the lot size was 1,000 shares.
The IT firm provides new-age computer and communication services like web and mobile app development, artificial intelligence and machine learning development, ChatBot, and others.
According to a PTI report that cited Industry lobby Nasscom, the IT sector directly employs over 50 lakh people in the country, and it was crucial for the post-pandemic recovery of the economy because of the impressive growth in the sector as demand for technology inputs grew.
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