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Yudiz Solutions share trades at premium in grey market after record-breaking IPO subscription; eyes bumper listing

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Yudiz Solutions

Leading gaming designer and futuristic web app development company Yudiz Solutions Ltd.’s SME Initial Public Offer (IPO) closed for application on Tuesday, August 8 at 5PM IST. Notably, the issue got a massive response from the public as well as investment institutions, thereby leading to oversubscription.

While the Qualified Institutional Buyers (QIBs) had an oversubscription of 2.81 times, retails investors’ applications were 6.41 times more than actually demanded. The Non-Institutional Buyers (NIIs) also showed great interest in the offer, as their part got oversubscribed by 4.77 times. In total, Yudiz’s IPO got oversubscribed by 5.03 times.

The price band of INR 162-165 was set for the offer with a lot size of 800 units. Narnolia, the Lead Manager to the issue, will help the company get its shares listed on National Stock Exchange Emerge, NSE’s platform for Small and Medium Enterprises (SMEs).

Having received such an amazing response, the stock seems set for a bumper listing on the exchange. As per Chittorgarh, Yudiz Solutions’ stock price is trading at a premium of 10.9% on the grey market. Going by the available data, a bumper opening can be expected when the stock debuts on August 17.

Yudiz Solutions Ltd was founded by Chirag Leuva, who currently is also the CEO and director of the firm. Mr. Suraj Chokhani (Director), Mr. Pratik Patel (MD), and Mr. Bharat Patel (Chairman and Director) hold other key positions in company’s board.

We hope to surpass your expectations and reciprocate the same love you have towards us: Director Suraj Chokhani

Mr. Suraj Chokhani came forward to thank the applicants for giving an astounding response to the issue.

He said, “I would like to thank all the applicants for showing so much love and confidence in Yudiz and subscribing it so overwhelmingly. Practically, it won’t be possible to allot everyone with shares in IPO itself but the journey has just started and we have miles to go. I am pretty sure those who have missed it in the IPO will invest in us on the very 1st day of listing.”
“We hope to surpass your expectations and reciprocate the same love you have towards us by outperforming ourselves and giving our investors unparalleled returns in times to come,” Chokhani further added.

Company details and history

Yudiz Solutions has a strong presence in the Indian gaming space. It focuses majorly in web and app development, and has catered its services to many local as well as global clients. Late Rakesh Jhunjhunwala’s Akasa Air, Virat Kohli-backed MPL, and Zydus – a global giant in pharmaceutical industry, are a forming part of its client base.

Yudiz Solutions also holds a vast experience in the gaming industry, and has been a pioneer in developing games based on futuristic technologies such as Blockchain, Artificial Intelligence (AI) and Machine Learning (ML).

The post Yudiz Solutions share trades at premium in grey market after record-breaking IPO subscription; eyes bumper listing appeared first on G2G News.

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