IT Firm Methodhub Software Lists At 20 Pc Discount

(MENAFN- IANS) Mumbai, Dec 12 (IANS) Methodhub Software made a weak debut on the stock market on Friday, as its shares listed at a steep discount compared to the IPO price.

The stock opened at Rs 155.20 on the BSE SME platform, which is 20 per cent lower than the issue price of Rs 194 per share.

The listing was far below expectations, especially because the grey market premium (GMP) earlier in the day suggested a gain of nearly 9 per cent.

Instead, the stock began its market journey in the red. Shortly after listing, however, Methodhub Software shares recovered slightly and hit their 5 per cent upper circuit at Rs 162.90.

Even with this jump, the stock was still trading more than 16 per cent below its IPO price.

Methodhub Software had launched a Rs 102.49 crore IPO, which included a fresh issue worth Rs 87.50 crore and an offer for sale (OFS) of Rs 14.99 crore.

The public issue was open for subscription from December 5 to December 9, and the allotment was completed on December 10.

The IPO saw strong demand from investors, as it was subscribed 28.91 times in total. Retail investors subscribed 21.54 times, while the QIB category was booked 27.55 times.

The highest demand came from non-institutional investors, who subscribed their portion 47.97 times.

The company had set a price band of Rs 190–Rs 194 per share, and investors were required to bid for at least 600 shares.

The minimum investment needed for retail participants was Rs 2,32,800, as they had to apply for at least two lots.

The company plans to use the funds from the IPO to repay certain borrowings, invest in a subsidiary, support working capital needs, and explore future acquisitions.

Methodhub Software is an IT services provider that helps global clients with digital transformation and next-generation business solutions.

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