New Delhi, Jul 3 (KNN) Diensten Tech, an IT services provider, made a strong debut on the National Stock Exchange's SME platform on July 03, with shares opening at Rs 240, a 140e per cent premium over the issue price of Rs 100.

The company's initial public offering (IPO) of Rs 22.08 crore, comprising entirely fresh shares, garnered significant investor interest during its three-day subscription period.

The issue was oversubscribed 54 times, with high net-worth individuals (HNIs) leading the charge at 155 times their allotted portion. Retail investors and qualified institutional buyers (QIBs) also showed robust demand, subscribing 35.87 and 10 times their respective quotas.

Established in 2007, Diensten Tech offers a range of IT services including professional resourcing, consulting, training, and software AMC services.

The company caters to diverse sectors such as information technology, banking and finance, automotive and engineering, telecommunications, healthcare, retail, and entertainment.

The primary objectives of the IPO are to settle outstanding payments related to a business acquisition from J K Technosoft Limited, as per a Business Transfer Agreement dated April 30, 2022.

Additionally, the funds will be allocated towards working capital requirements, general corporate purposes, and issue expenses.

This strong market debut reflects investor confidence in Diensten Tech's business model and growth prospects within the IT services sector.

(KNN Bureau)