(MENAFN- KNN India)
New Delhi, Sep 23 (KNN) Sodhani Academy of Fintech Enablers (SAFE) made a robust debut on the Bombay Stock Exchange's Small and Medium Enterprise (BSE SME) platform today.
Shares opened at Rs 53, marking a 32 per cent premium over the initial public offering (IPO) price of Rs 40 per share.
The strong opening aligns closely with pre-listing grey market expectations, where SAFE shares had been trading at a 30 per cent premium.
The grey market, an unofficial trading platform, often serves as an indicator of investor sentiment prior to official listings.
SAFE's Rs 6.12 crore public offering, comprising both fresh issuance and an offer for sale, garnered significant investor interest during its three-day subscription period.
The issue was oversubscribed by 438 times, with non-institutional investors showing particular enthusiasm, subscribing 511.2 times their allotted quota.
Established in 2009, SAFE specialises in financial education, offering training, consulting, and learning services.
The company's core focus is on enhancing financial literacy, providing individuals with the knowledge and skills necessary for effective money management, budgeting, investing, and understanding fundamental financial products and services.
Proceeds from the fresh issue are earmarked for several strategic initiatives.
These include the development of a content studio and offline training infrastructure, procurement of IT hardware and software, and creation of course materials.
The company also plans to allocate funds towards increasing brand visibility, developing a Learning Management System (LMS) application, and general corporate purposes.
This successful market debut potentially signals growing investor confidence in the financial education sector, particularly as financial literacy continues to gain importance in India's rapidly evolving economy.
(KNN Bureau)
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