Software Development Firm Tridhya Tech lists on NSE Emerge

Ahmedabad-based software development company Tridhya Tech was listed on the SME platform of the National Stock Exchange – NSE Emerge on Thursday, the company announced in a statement. Shares were listed at Rs 42 per share and closed at an upper circuit of 5 per cent at Rs 44.10 per share. The company saw 29.52 lakh shares traded on the first day while its market capitalization was Rs 102.70 crore as per the closing price on 13 July. The company’s listing ceremony was held at its company’s corporate office in Ahmedabad.

Incorporated in 2018, Tridhya Tech is a software development company catering to e-commerce, web, and mobile application development. For the nine months ended December 2022, the company reported Rs 15.08 crore in revenue and Rs 2.85 crore in net profit.

The company said it received an overwhelming response for its Rs 26.41 crore SME IPO subscribed over 72 times. Tridhya Tech had received bids for 32.87 crore shares against the 62.88 lakh shares on offer in the public issue. It had finalised the issue price at Rs 42 per share.

“We want to thank all the investors for their trust and confidence in the company and its management. We are confident that with the support of all the stakeholders, we will be able to execute our growth strategy in a manner that creates exponential value for all stakeholders,” said Ramesh Marand, Managing Director, of Tridhya Tech in the statement.

Tridhya Tech intends to deploy the proceeds of the public issue for the repayment of unsecured and secured loans and general corporate purposes for the company’s business activities. Interactive Financial Services was the lead manager of the issue.

SMEs had mopped up Rs 2,232 crore across 125 offerings in FY23 which was over 3x of 37 mainboard issuances that hit the market. The collection was 128 per cent more than the previous year and had crossed the cumulative collection of Rs 1,722 crore in the previous three years.