The startup received bids for 79,60,000 shares against 42,40,000 shares as per the BSE data.
BSE Startups — the startup exchange part of the Bombay Stock Exchange launched in December 2018 saw its fourth listing recently. Around five-year-old Bengaluru-based IT consulting startup Tranway Technologies’ IPO, which opened on Monday to raise Rs 4.2 crore, was subscribed by 1.88 times on Wednesday — the final day of the bidding. The startup received bids for 79,60,000 shares against 42,40,000 shares as per the BSE data. BSE Startup saw its first IPO after eight months of the launch when Transpact Enterprises and Alphalogic Techsys got listed in August last year.
“I am glad to see our IPO’s performance where it has oversubscribed 1.88 times. This puts more responsibility on our shoulders and as a promoter, I assure all my investors that I will live up to their expectations. And thrilled to see our IPO,” Tranway’s Founder Bharat Bylappa told Financial Express Online. The category reserved for non-institutional investors subscribed by 0.98 times including market maker reserve portion and retail individual investor’s portion got filled by 2.87 times, the company said in a statement on Thursday.
The startup has fixed a price band of Rs 10 per share. Finshore Management Services was the lead manager for this issue. Apart from IT consulting services, the company offers product development and Support and IT & Non-IT staffing solutions to enterprises globally.
Among the four-listed startups on BSE Startups now, beverage startup Valencia Nutrition was the third company to list in December 2019. Startups listing are encouraging to see even as according to an RBI survey of 1,246 startups between November 2018 and April 2019, Indian stock exchanges are likely to see an increase in startup listings with close to 58 per cent Indian startups are eyeing going public on Indian bourses in the coming five years. Infoedge, JustDial, InfiBeam, Bharat Matrimony, IndiaMART etc. are the large startups that went public on domestic exchanges while the likes of MakeMyTrip and Yatra were listed on Nasdaq.