Diensten Tech share price lists lists at stellar 140% premium, at ₹240 on the NSE SME: Hits upper circuit post listing

Diensten Tech share price listed with a stellar 140% premium, at ₹240 a share on the NSE SME on Wednesday giving Multibagger returns to the subscribers. The issue that started for subscription on 26 June 2024 had received a good response with issue being subscribed almost 54 times

Diensten Tech share price listed with stellar 140% premium over the issue price, at ₹ 240 on the NSE SME, giving Multibagger returns to te subscribers. The Diensten Tech share price post listing rose to highs of ₹ 252, hitting 5% upper circuit. The Diensten Tech IPO subscription that started on 26 June 2024 had received a good response with issue being subscribed almost 54 times by closing date on Friday, 28 June 2024. The grey market premium or the GMP for Diensten Tech IPO also indicated toward strong investor confidence expecting listing gains and justifying good subscription response Also Read- Vraj Iron and Steel share price makes strong a debut, stock opens with 16% premium at ₹ 240 apiece on NSE As per Investorgain.com the current gray market premium or GMP for Diensten Tech IPO stood at ₹ 70 per share. This had suggested that the gray market price of Diensten Tech's equity shares is ₹ 170 per share, which was 70% more than the IPO price of ₹ 100 per share. A "grey market premium" indicates that investors are willing to part with more money compared to the issue price. The Diensten Tech IPO is a ₹ 22.08 crore book built issue. This is a completely new 22.08 lakh share offering. Founded in 2007, Diensten Tech Limited (formerly known as JKT Consulting Limited) offers professional resourcing services for information technology (IT), IT consulting, IT training, and software AMC. The objective of the Diensten Tech IPO is to meet obligation to pay consideration for the "Professional Services and Training Division" business that was purchased from J K Technosoft Limited under the terms of the Business Transfer Agreement dated April 30, 2022. Also Read- Emcure Pharmaceuticals IPO opens today: GMP, subscription status, review, other details. Apply or not? Further Diensten Tech plans to utilise the raised funds to meet company's working capital requirements. Also to pay for the issue expenses as well as the general corporate purposes. Diensten Tech had seen its revenue grow by 4813.51 per cent, and the net profit rise by 1,007.59 per cent between the financial year ending with March 31, 2023 and March 31, 2022. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions