Trafiksol ITS Technologies IPO Subscribed 345.65 Times On Final Day

The initial public offering of Trafiksol ITS Technologies Ltd. was subscribed over 340 times on the third and final day of subscription. The SME IPO was subscribed 73.49 times on the second day of bidding on Wednesday and 22.88 times on day one, led by demand from retail investors.

The offering was entirely a fresh issue of 64.1 lakh shares amounting to Rs 44.87 crore. The price band for the IPO was set at Rs 66 to Rs 70 per equity share.

Investors could bid for a minimum lot size of 2,000 shares. The minimum investment amount for retail investors was Rs 1.4 lakh. The minimum application size for high networth individuals, comprising two lots of 8,000 shares, was Rs 2.8 lakh.

The share allotment status is expected to be finalised on September 13. The tentative listing date for Trafiksol ITS Technologies has been fixed as September 17.

The IPO was subscribed 345.65 times as of 6:19 p.m. on Thursday, as per data available on Chittorgarh.

• Qualified institutional buyers: 129.22 times.

• Non-institutional investors: 699.40 times.

• Retail investors: 317.66 times.

The grey market premium of Trafiksol ITS Technologies is Rs 85 as of 4:00 p.m., implying a 121.43% gain over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 155 per share.

GMP is not an official price quote for the stock and is based on speculation. 

The registrar of the Trafiksol ITS Technologies IPO is Maashitla Securities Pvt., while it is being managed by Ekadrisht Capital Pvt., who is the book-running lead manager. SS Corporate Securities is the market maker of the IPO.

Trafiksol ITS Technologies plans to use the net proceeds from the IPO to purchase software and for prepayment and repayment of its certain borrowings. The company will also use the funds to meet its working capital requirements and for general corporate purposes.

Founded in March 2018, Trafiksol ITS Technologies Ltd. provides comprehensive solutions for intelligent transportation systems and automation. The company offers readymade and customised software solutions, operating systems, business applications, and computer games across all platforms.

The company specialises in the design, administration, and incorporation of Intelligent Transportation Systems for roads and tunnels.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.