Quicktouch Technologies IPO Final Subscription Status

Quicktouch Technologies IPO closed on Friday, 21st April 2023. The IPO had opened for subscription on 18th April 2023. Let us look at the final subscription status of Quicktouch Technologies Ltd at the close of subscription on 21st April 2023.

A quick word on Quicktouch Technologies Ltd and the SME IPO

Quicktouch Technologies Ltd was incorporated in the year 2013 and has its predominant focus on providing Software IT Solution and Consulting Services. In addition, the company also provides software training modules and website development services for businesses. It also has substantial specialization in the design and the user interface as well as the graphical user interface (GUI) area of the business.

The company also is active on the design side including Website Designing and Redesigning, iOS App, Android apps, Digital Marketing and Web Hosting Services and other related cloud services. Apart from these activities, Quicktouch Technologies Ltd is also engaged in Enterprise Resource Planning (ERP), helping businesses through the management of their life cycle. The IPO funds will be predominantly used by the company for meeting its working capital needs as well as for inorganic expansion of business.

The Rs9.33 crore IPO of Quicktouch Technologies Ltd comprises entirely of a fresh issue. The total SME IPO of Quicktouch Technologies Ltd entails issue of 15.30 lakh shares at a fixed price of Rs61 per share aggregating to Rs9.33 crore. The stock has a face value of Rs10 and retail bidders can bid in minimum lot size of 2,000 share each. Thus, the minimum investment of Rs122,000 in the IPO is the base limit. That is also the maximum that a retail investor can apply for in the IPO. HNIs can invest in 2 lots of 4,000 shares worth Rs244,000 as the bare minimum investment. There is no upper limit for the HNI / NII category.

How exactly would the company deploy these fresh funds raised via the NSE SME IPO in its regular business. Quicktouch Technologies Ltd will deploy the funds for working capital needs of the company, organic / inorganic expansion of business and general corporate purposes. Post the IPO, the promoter equity in the company will get diluted from 89.41% to 65.72%. The issue is lead managed by Share India Capital Services Private Ltd and Khambatta Securities Ltd. In addition, Skyline Financial Services Private Limited will be the registrars to the issue. Share India Securities will also act as the market maker for the stock post the listing and the company has allocated a quote of 78,000 shares for the market making purpose. Let us now turn to the final subscription details.

Final subscription status of Quicktouch Technologies Ltd

Here is the subscription status of the Quicktouch Technologies Ltd IPO as at close on 21st April 2023.

The issue was only open for retail investors and for the HNI / NIIs. There was no quota for the QIBs in the SME IPO of Quicktouch Technologies Ltd. The subscription was dominated by the HNI / NII investors followed behind by the retail investor segment. However, the overall subscription was fairly strong, possibly due to the unique positioning of the company and the strong returns generated by SME IPOs in the past. Here is the day-wise progression of the subscription status of Quicktouch Technologies Ltd IPO.

It is clear from the above table that while the HNI / NII portion got fully subscribed on the first day of the IPO itself, the retail portion got fully subscribed only on the second day. The overall subscription completed a substantial oversubscription with most of the HNI / NII investors coming in hordes on the last day of the IPO. Let us finally look at how the distribution of the IPO across classes happened

In the above table, you will find the total number of shares lower than the number of shares issued in the IPO, but that gap is on account of the allocation of 78,000 shares for market making, which is the difference. Market maker for the IPO is Share India Securities Ltd.

The issue opened for subscription on 18th April 2023 and closed for subscription on 21st April 2023 (both days inclusive). The basis of allotment will be finalized on 26th April 2023 and the refunds will be initiated on 27th April 2023. In addition, the demat credits are expected to happen on 28th April 2023 and the stock is scheduled to list on 02nd May 2023 on the NSE SME segment. This is the segment, in contrast to the mainboard, where IPOs of small and medium enterprises (SMEs) are incubated.