NSE SME Plada Infotech Services sees good debut

The scrip was listed at Rs 59, up 22.92% over the initial public offer (IPO) price. The stock was currently frozen at an lower limit of 5% from its listing price.

The counter hit a high of Rs 60 and a low of Rs 56.05. About 9.06 lakh shares of the company changed hands at the counter.

Plada Infotech Services' IPO was subscribed 53.99 times. The issue opened for bidding on 29 September 2023 and it closed on 5 October 2023. The IPO price was fixed at Rs 48 per share.

The IPO comprised fresh issue of 25,74,000 equity shares aggregating to Rs 12.35 crore. The promoter and promoter group shareholding diluted to 62.64% post IPO from 89.51% pre-IPO.

The company intends to utilize the net proceeds from the issue for meeting the working capital requirements; purchase of laptops and accessories for IT development; repayment and / or prepayment, in part or in full, of certain outstanding loans; issue related expenses and general corporate purposes.

Plada Infotech Services specializes in delivering comprehensive business process outsourcing (BPO) services tailored to our clients' specific needs. As on 31 March 2023, it has 1,519 employees. The company specializes in areas such as account management, merchant acquisition, field support, e-commerce, business correspondence, recruitment and payroll management software solutions and technology development.

On a consolidated basis, the company recorded a total revenue of Rs 6,216.96 crore and net profit of Rs 233.82 crore for the year ended on 31 March 2023.

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