Bengaluru/Mumbai: The Initial Public Offering (IPO) of Bengaluru based Tranway Technologies saw an over-subscription from investors. The three day IPO held between Jan 27 -29 2020, saw investors making a beeline for the stocks.
The company said that it wished to raise Rs 4.28 crores by issuing 42.40 lakh shares at face value of Rs 10 each. By the end of the IPO, BSE data showed the company receiving 79.60 lakh bids.
According to an official release from Tranway, on the third day bids from non-institutional investors was up by 0.98 times while retail investors over-subscribed by 2.87 times.
Tranway Technologies is a Bengaluru provider of IT consulting services and emerging technology solutions. Founded in 2015, the company offers Product Development & Support and IT & Non-IT Staffing solutions to enterprises across the globe. Promoted by Bharat and Kalavathi Bylappa, the company posted revenues of 5.17 crores for the year ending March 31, 2019.
The IPO was proposed to meet working capital requirements, public issue expenses and general corporate purposes.