Tranway Technologies to raise up to Rs 4.2 crores through IPO
Bangalore-based IT Consulting and Emerging Technology firm Tranway Technologies has announced its plans to raise up to Rs 4.2 Cr. through Initial Public Offering (IPO) that will open for subscription on 27th January 2020.
The IPO will comprise a fresh Issue of 42, 40,000 shares of the face value of Rs.10 each. These scrips will be issued at Rs. 10 apiece. The issue will close on January 29th, 2020. Following the IPO, the firm intends to list on Start-up platform of BSE Limited and will be among the first few Start-ups to be listed on the platform.
Finshore Management Services has been appointed as the Lead Manager for this issue.
Founded in 2015, Tranway Technologies is a provider of IT consulting services and emerging technology solutions. Besides, the company provides Product Development & Support and IT & Non-IT Staffing solutions to enterprises across the globe. The company reported more than Rs 5 cr. revenue in FY19 and has achieved sustainable growth over the past few years.
Commenting on the announcement, Dr. Bharat, Founder, and MD, Tranway Technologies said, “At Tranway, we have derived win-to-win policy to exceed business requirements, making our clients more competitive. With this IPO, we aim to scale up the business, expand our team and market presence. I am confident that the proceeds from the issue will help us achieve these objectives.”