Investors triple their money with Trident Techlabs's SME IPO listing
Trident Techlabs's stock made an impressive entrance on the National Stock Exchange's SME platform, with shares opening at a 180.4% premium, priced at Rs. 98.15 each today. The price band for the initial public offering (IPO) ranged between Rs. 33-35. The Rs. 16-crore IPO received over 700x subscriptions. Retail investors subscribed over 1,000 times, while the non-institutional investor (NII) portion neared 854 times subscription. The qualified institutional buyer (QIB) segment was the least subscribed but garnered over 100 times bids.
The company offers custom-built technology solutions
Specializing in custom technology solutions, Trident Techlabs serves industries such as aerospace, defense, automotive, telecom, medical, semiconductors, and power distribution. The company operates two main business divisions: engineering solutions and power system solutions. Their engineering solutions portfolio encompasses system-level electronics design, chip-level electronics design, embedded design, hydraulics/pneumatics systems, design automation, power electronics, PCB designing, and electromagnetic simulations.
Their design services span the entire product development lifecycle
Trident Techlabs offers design services that include consulting and engineering assistance to help businesses innovate more effectively throughout the entire product development lifecycle. These services range from strategy and user research to design and engineering, pre-launch testing and post-launch maintenance, as well as service delivery and optimization. After a stellar listing, the stock jumped 5% to hit the upper circuit at Rs. 103.05 apiece.
How the company plans to utilize IPO proceeds?
The net proceeds from Trident Techlabs's IPO will be allocated toward funding working capital requirements and other general corporate purposes. GYR Capital Advisors served as the book-running lead manager for the IPO, while Maashitla Securities acted as the registrar. As of October 2023, the company reported revenue from operations at Rs. 21 crore and a net profit of Rs. 2.66 crore. In FY23, Trident Techlabs posted revenues of Rs. 67 crore and a profit of Rs. 5.54 crore.
