Bombay Stock Exchange to List First Company on its Startup Platform on September 5th 2019
Alphalogic Techsys Limited is going to be the first Indian company to be listed in the BSE Startup Platform on 5th September 2019
The issue will open on August 23rd and will close on August 27th, 2019
After about 8 months, the Bombay Stock Exchange has managed to find the first Indian company that is going to list on its Startup Platform. The BSE Startup Platform was created in December 2018 as per the SEBI guidelines, in order to facilitate funding for the deserving startups by raising capital from the market. BSE has now approved Pune based boutique software firm, Alphalogic Techsys Limited to be the first company to be listed on the BSE Platform.
The company’s issue will open on August 23 and will close on August 27, 2019. The company is going to be listed on the BSE Startup Platform on 5th September 2019, and will remain there for two years before moving to the main board of the Bombay Stock Exchange. The issue price will be Rs. 84 per share, and Alphalogic is expected to raise Rs. 6.18 crores through its shares.
Finshore Management Services are the book-running lead manager of the Alphalogic IPO.
With Alphalogic achieving the feat of becoming the first Indian company to be listed on the BSE startup platform, more startups will aspire for raising IPOs for their funding. While it is still not known how many startups are eyeing for their listing with the BSE and have already submitted their application, but the stock exchange is evaluating the IPO application of a few more companies, a reliable source reveals.
However, listing on the BSE Startup Platform may not be a cakewalk for all startups. There are certain criteria that have to be fulfilled in order to get the listing approval from the BSE. Speaking about their journey from a startup to become a listed company, the Managing Director of Alphalogic, Anshu Goel, states, “We have been doing business with complete integrity, and thus we didn’t find any difficulty in fulfilling the required norms as underlined by the BSE. I personally feel elated to achieve yet another milestone with the successful listing on the BSE Startup Platform.”
Alphalogic has a large clientele in India and abroad and the company is aiming to expand further in the western countries and the Southeast Asian regions with the capital generated from the market. The company has been growing at the rate of CAGR 40% in the last 4 years. In FY 2018-19, the company has achieved a stupendous growth rate of 120 per cent. The success of the IPO will further fuel the company’s growth.