The scrip was listed at Rs 98.15, a premium of 180.43% compared with the initial public offer (IPO) price. The stock was currently frozen in an upper limit of 5% over its listing price.
The counter hit a high of Rs 103.05 and a low of Rs 93.25. About 25.12 lakh shares of the company changed hands at the counter.
Trident Techlabs' IPO was subscribed 502.64 times. The issue opened for bidding on 21 December 2023 and it closed on 26 December 2023. The price band of the IPO was fixed between Rs 33 to Rs 35 per share.
The IPO comprised fresh issue of 45,80,000 shares. The company intends to utilize the net proceeds to meet working capital requirements and general corporate purposes.
Ahead of the IPO, Trident Techlabs on 20 December 2023, raised Rs 4.21 crore from anchor investors. The board allotted 12.04 lakh shares at Rs 35 per share to 2 anchor investors.
Trident Techlabs offers custom-built technology solutions to corporates in the aerospace, defence, automotive, telecom, semiconductor and power distribution sectors. It has two business verticals i.e. engineering solutions and Power System Solutions. The company has a total strength of 84 employees including 36 engineers and 18 employees and remaining is look after sales and marketing functions.
The company recorded revenue from operations of Rs 21.02 crore and net profit of Rs 2.66 crore for the period as on 31 October 2023.