Tranway Technologies IPO Oversubscribed by 1.88 times on BSE

The initial public offer (IPO) of Bangalore-based IT Consulting and Emerging Technology firm Tranway Technologies was oversubscribed by 1.88 times on the final day of the bidding process.

The IPO, which looked to raise Rs 4.2 Cr, received bids for 79,60,000 shares against 42,40,000 shares as per the BSE data.

The category reserved for non-institutional investors subscribed by 0.98 times including market maker reserve portion and retail individual investor’s portion got filled by 2.87 times.

Tranway Technologies has fixed a price band of Rs 10 per share. The issue has closed on Wednesday, January 29, 2020

Tranway’s IPO comprises of a fresh issue aggregating up to Rs 4.24 crore.

Finshore Management Services was the Lead Manager for this issue.