Strong Investor Response to Kody Technolab IPO

Strong Investor Response to Kody Technolab IPO

VoM News Desk | September 18, 2023 | 10:47 AM IST | Breaking News | Follow on Google News

Strong Investor Response to Kody Technolab IPO. Image/Company Website

The initial public offering (IPO) of Kody Technolab Ltd, a software development services company, has garnered robust interest from investors. The Kody Technolab IPO opened for subscription on September 15 and is set to conclude on September 20, 2023.

Diverse Software Development Services

Kody Technolab specializes in providing a wide range of software development services to various industries. These services encompass staff augmentation, AR (Augmented Reality) development and implementation, enterprise mobility solutions, digital transformation, business analytics and intelligence, artificial intelligence and robotics, IT consulting, Internet of Things (IoT) services, and IT consulting services, among others.

Strong Subscription Status

As of the second day of the bidding process, Kody Technolab IPO has garnered significant investor interest. The public issue has been oversubscribed by 5.92 times. Investors have submitted bids for 96.68 lakh equity shares, while only 16.33 lakh shares are on offer. The retail category has seen exceptional demand, with a subscription rate of 9.71 times, while the Non-Institutional Investors’ (NII) category has been oversubscribed 2.09 times.

IPO Details

Kody Technolab IPO is categorized as an SME issue and is a fixed-price offering. The IPO consists entirely of a fresh issue of 17.20 lakh equity shares, amounting to ₹27.52 crore. The price band for Kody Technolab IPO is set at ₹160 per share, with a lot size of 800 shares. Retail investors are required to make a minimum investment of ₹128,000. The basis of share allotment is expected to be finalized on September 25, with refunds commencing on September 26. Eligible allottees can anticipate the shares to be credited to their demat accounts on September 27. Kody Technolab shares are poised to be listed on NSE SME on September 28.

Key Players

Beeline Capital Advisors Pvt Ltd serves as the book running lead manager for Kody Technolab IPO, while Kfin Technologies fulfills the role of the IPO registrar.

Grey Market Premium

Kody Technolab IPO has witnessed a grey market premium (GMP) of ₹50 per share. This implies that Kody Technolab shares are currently trading at a premium of ₹50 apiece in the grey market. Considering the latest GMP and the IPO price, Kody Technolab shares are estimated to debut on the market at ₹210 per share, representing a premium of 31.25% over the issue price.

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