AccelerateBS India share price locked at 5% upper circuit after listing at hefty premium

Digital technology services firm, AccelerateBS India’s IPO commenced for public subscription on Thursday, July 6, and concluded on Tuesday, July 11.

In its initial public offering, the company sold shares for a set price of ₹90 each.

The SME IPO of AccelerateBS India Ltd was subscribed 49.19 times on day 4. The issue again received overwhelming response from retail investors who’s portion set was subscribed 59.11 times, followed by non-institutional bidders (NII) portion set was subscribed 39.25 times, according to data on chittorgarh.com.

On day 1 the issue was subscribed 1.59 times, day 2 it was subscribed 3.93 times, and day 3 the IPO was subscribed 10.85 times. 

The AccelerateBS IPO comprises the sale of 6.32 lakh shares, bringing the issue size to a maximum of 5.69 crore. The IPO consists of a fresh issue of 188,800 shares worth up to ₹1.70 crore and an offer for sale (OFS) of 443,200 shares worth up to ₹3.99 crore.

The company’s promoters are Kunal Arvind Shah and Keyur Dipakkumar Shah. Following the IPO, the promoter stake will drop from 100% to 70.59%.

The company plans to use the net proceeds from the new issue to support general corporate needs and long-term working capital requirements.

Shreni Shares Pvt Ltd is the lead manager for the IPO, while Bigshare Services Pvt Ltd is the IPO registrar.

For both B2B and B2C businesses worldwide, AccelerateBS India provides IT services. These services include custom software development, consultancy, and DXP (Digital Experience Platforms) consulting and implementation services.

AccelerateBS India IPO: GMP, subscription status on day 4, and other key details

Updated: 19 Jul 2023, 10:04 AM IST