Yudiz Solutions made a muted entry into the market on Thursday, August 17, commencing trading with a 12 percent premium over its IPO price. The stock debuted at Rs 185 against its issue price of Rs 165 on the emerge platform of the National Stock Exchange (NSE).

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Yudiz Solutions is the first company in the combined space of blockchain, AI and gaming to publicly enlist.

It may be noted that the company's shares were trading at a premium of Rs 25 on the unlisted grey market ahead of the stock market listing. The estimated listing price for Yudiz Solutions shares was Rs 190.

The grey market is an unofficial market wherein the shares can be bought and sold till the listing on the BSE and NSE.

The initial share sale of Yudiz Solutions was open for subscription between August 4 to August 8, as the company raised Rs 44.84 crore by selling 27.17 lakh equity shares in the range of Rs 162-165 per share.

The net proceeds from the issue will be utilised for networking and cabling, branding and marketing expenses, capex, working capital, and other corporate purposes.

Narnolia Financial Services acted as the book-running lead manager to the issue, while Mas Services was the registrar. PLS Capital and Longview Research & Advisory were advisors to the issue.

Company overview

For the year ending March 2023, Yudiz Solutions recorded revenues of Rs 27.3 crore and net profit of Rs 2.75 crore.

Established in 2012, Yudiz Solutions is a blockchain, AI and gaming focussed enterprise solutions technology company, which provides IT solutions and consultancy services. The company also provides various solutions in Mobile, Web, AR/VR, UI/UX and IoT through integrating trending technologies.

The Ahmedabad-based company has web development clients across North America, Europe and Asia. Akasa Air, MPL, Zydus, RR Kabel, IRM Energy, and SportsBuzz are few of the known clients.

First Published:Aug 17, 2023 11:14 AM IST