Yudiz IPO sails through on day 2; NAV Capital, Resonance among anchor investors

The initial public offering of Yudiz Solutions sailed through on the second day of the bidding process, thanks to the bidding from retail and non-institutional investors.  The issue opened for subscription on Friday, August 4, 2023 and it can be subscribed till Tuesday, August 8, 2023.  The issue was subscribed 1.27 times as of 2.30 pm on Monday.

The company is selling its shares in the range of Rs 162-165 apiece and the stock will be listed on the emerge platform of the National Stock Exchange (NSE). Ahead of its IPO, Yudiz Soluations raised Rs 12.54 crore from 10 anchor investors by allocating 7.6 lakh equity shares at an issue price of Rs 165 apiece.

The anchor book includes NAV Capital VCC - NAV Capital Emerging Star Fund, Craft Emerging Market Fund PCC, Tano Investment Opportunities Fund, Quantum-State Investment Fund, Resonance Opportunities Fund, Neomile Growth Fund, Rajasthan Global Securities, LRSD Securities, Absolute Returns Scheme and Sarda Group's Chhattisgarh Investments.

The issue is entirely fresh equity shares of 27,17,600 equity shares with a face value of Rs 10 each. The lot size has been fixed at 800 equity shares, with each lot costing Rs 1,32,000 to the investors. Retail investors can bid for a single lot, while HNI investors need to bid for a minimum of two lots.

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

Its services include mobile app development, game development, blockchain, AR/VR, web development, website design and development, website maintenance and Support, E-commerce web apps and portal development, mobile app prototype, Android/iOS App Development, PC/mobile game development, digital marketing and more.

The IPO will make Yudiz Solutions, the first company in the combined space of blockchain, AI and gaming to publicly enlist. 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.

Out of 27,17,600 shares, 1,36,800 equity shares will be reserved for subscription by the market maker, which is Kantilal Chhaganlal Securities for Yudiz Securities. The company has received 50 per cent of the net offer for the qualified institutional bidders (QIBs), while HNI investors will get 15 per cent shares and retailers will have 35 per cent of the remaining shares.

Narnolia Financial Services is the book-running lead manager to the issue, while PLS Capital and Longview Research & Advisory are advisors. Mas Services has been appointed as the registrar to the issue. The company is likely to make its debut on August 17, Thursday.

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