Alphalogic Techsys IPO opens to a warm welcome, oversubscribed by 1.95 times

• Software consulting firm Alphalogic Techsys went for an Initial Public Offering on August 26
• The shares were issued at ₹84 per share.
• The company was looking to raise ₹6.18 crores.

Pune based Alphalogic Techsys’ initial public offering is oversubscribed by 1.95 times on the very second day of the issue.

The IPO which opened on August 26 issued shares at ₹84. Incidentally, Alphalogic is the first to be listed under BSE’s SME startup platform, which was launched eight months back.

The company is looking to raise ₹6.18 crore and the category reserved for Non-institutional Investors (NII) was oversubscribed.

Alphalogic Techsys is a software consulting firm which was founded in 2008, with operations across 12 countries. “With the raised funds we aim at expanding into new clientele and expand the team in order to leverage various organic and inorganic opportunities targeting accelerated growth,” Anshu Goel, Managing Director, Alphalogic Techsys said.

According to the company, it has been growing at 40% in the last four years. In 2018-19, the company clocked a growth rate of 120%.

The offer was supposed to open on August 23 was delayed due to ‘unforeseen circumstances’.

One of the oldest e-commerce ventures in India, Indiamart too had launched its IPO earlier this year. It was subscribed by 36 times over the total shares shares on offer, indicating investor interest in online retailing.