IPO Update: Xelpmoc Design & Tech IPO subscribed 1.41 times

The initial public offering (IPO) of Xelpmoc Design and Tech Limited was subscribed 1.41 times at noon on its last day of subscription. Xelpmoc is a three-year-old start-up providing professional and technical consulting services.

The IPO is for equity shares totalling upto 2,30,000, including anchor portion of 15,68,181 shares. The price range for the issue is Rs. 62 to Rs. 66 per share with Rs. 3 discount for retail individual investors. The minimum lot size is 200 equity shares.

The company plans to use the net proceeds of the issue for business expansion and for the same procure IT hardware and network equipment’s for existing and new development centres in Kolkata and Hyderabad, besides funding working capital needs and general corporate purposes, according to the company's Red Herring Prospectus (RHP). The company plans to raise Rs. 23 crore.

Xelpmoc is a three-year-old start-up providing professional and technical consulting services including mobile and web development, data science and analytics. The company's clients include entrepreneurs, start-ups and established companies. It caters to companies engaged in financial services, e-commerce, transportation and logistics, recruitment and social networking. The company is promoted by Sandipan Chattopadhyay, Srinivas Koora and Jaison Jose.

At 12:15 hours on Friday, the total bids received at a cut-off price for the IPO was 3,23,200, which is 1.41 times the offering. The Qualified Institutional Buyers (QIBs) portion of the offer was subscribed 1.22 times. While the Anchor Investors (AIs) portion of the IPO that is 15,68,181 equity shares were subscribed by 2 AIs at Rs. 66 per equity share, namely University of Notre Dame DU LAC and Washington University Chanakya Capital Partners.