India's first fully sharia compliant company' Octaware Technologies Limited,lists on the BSE

Last Updated: Tue, Apr 04, 2017 15:32 hrs
Octaware Technologies Limited

  • IPO oversubscribed by 148%

  • Total IPO size: 955,200 shares

Mumbai: Mumbai based Octaware Technologies LTd (OTL), a SEI-CMMI Level 3, ISO 9001:2008 & IEC 27001:2005 certified company, successfully listed on the BSE-SME Platform today.

Octaware Technologies Limited had opened its maiden IPO on March 17, 2017 at an issue size of 955,200 equity shares of Rs. 10 each for cash at a fixed price of Rs 90 per equity share. The net issue constituted 25.22% of the post-issue paid up capital of the company. IPO closed on 24th March, 2017 with it being oversubscribed by 148%. The IPO was Lead Managed by Aryaman Financial Services Limited.

Today OTL has become the first ever listed company in India that is fully compliant with Sharia laws. It maintains an ongoing review of all of its business activities and third party agreements. The company has appointed a consultant to oversee the ethical compliance of the Company's operations.

Octaware Technologies is a highly experienced software development, enterprise solution and consulting firm engaged in the business of providing a range of Information Technology ("IT") solutions to companies across sectors such as Healthcare, Banking & Financial Services and Government. OTL designs, develops and maintains software systems and solutions, create new applications and enhance the functionality of its customers' existing software products.

The technology firm is headquartered in India with presence in USA, Singapore, GCC Region, Nigeria and Zimbabwe and has successfully served Fortune 500 companies across the globe.

Speaking on the successful listing, Mr. Aslam Khan, Chairman-Managing Director and CEO, Octaware Technologies Limited said, "We are proud to be India's first fully Sharia compliant technology solutions company to be listed on BSE. The successful listing which was oversubscribed 148% is testament to the faith our investors have reposed in us, as well as, in Indian Capital market as an attractive destination for investment. The proceeds from the IPO would be utilized largely for investments in its subsidiary for strengthening the company to leverage opportunities in India and overseas markets."

Octaware is recognised as one of the TOP 50 fastest growing and emerging technology companies in India by Deloitte 2011 and Asia by Red Herring 2010 and is also the recipient of Global IT Architecture Excellence Award in 2013.

OTL Board of Directors and Advisors comprises of leading figures in the region's economy, many of whom have had extensive experience in the IT sector and more specifically with investment banking and finance industry. Their combined experience will bring added depth and insights to the Board and enable it to steer company's ambitious growth plan.

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