Ahmedabad-based software development company, Tridhya Tech, is set to launch an SME public issue to raise funds. The company aims to raise up to INR 26.41 crore through the IPO, which will open on June 30 and close on July 5. The price band for the shares is set at INR 35-42 per share. Tridhya Tech plans to use the proceeds for loan repayment and general corporate purposes.

After the IPO, Tridhya Tech’s shares will be listed on the SME Emerge Platform of the National Stock Exchange. The company, incorporated in 2018, offers full-service software development and tech solutions for eCommerce, web, and mobile applications. Tridhya Tech claims that the funds raised from the public issue will strengthen its balance sheet and help fund its strategic growth initiatives.

The pre-issue promoter group shareholding is currently at 80.8%, but it will come down to 58.98% post the issue, according to a release. The minimum application amount for the IPO is set between INR 1.05 – INR 1.26 lakh per application. The retail investor and HNI quotas are kept at 35% and 15% of the issue, respectively, while the QIB quota is set at a maximum of 50%. The market maker reservation portion is 3,15,000 equity shares.

In terms of financial performance, Tridhya Tech reported revenue of INR 14.07 crore and a net profit of INR 3.39 crore for FY2021-22. For the nine months ended December 2022, the company reported total revenue of INR 15.08 crore and a net profit of INR 2.85 crore. As of December 2022, Tridhya Tech’s net worth and total assets stood at INR 20.30 crore and INR 59.69 crore, respectively.

Managing Director Ramesh Marand stated that the proposed public issue will enable the company to execute its growth strategy and create exponential value for all stakeholders. Tridhya Tech’s shares will be listed on the SME Emerge Platform of the National Stock Exchange after the IPO.

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