The initial public offer (IPO) of Xelpmoc Design and Tech received bids for 9.28 lakh shares, as against 20.40 lakh shares on offer, as per the National Stock Exchange of India (NSE) website data at 17:30 IST. The issue was subscribed 0.45 times.

The issue opened for subscription today, 23 January 2019 and closes on 25 January 2019. The price band for the issue has been fixed at Rs 62 to Rs 66 per share.

Ahead of the opening of the IPO, the board of directors of the company at its meeting held on 22 January 2018, finalised allocation of 15.68 lakh equity shares to anchor investors at Rs 66 per share.

Xelpmoc Design and Tech provides professional and technical consulting services, offering technology services and end-to-end technology solutions and support. Its clients range from entrepreneurs and start-up enterprises to established companies, engaged in e-commerce, transportation and logistics, recruitment, financial services, social networking, and various other industries. The company provides a wide range of services, including, mobile and web application development, prototype development, thematic product development and data science and analytics assistance.

Xelpmoc Design and Tech proposes to utilise the net proceeds of the issue for the purchase of IT hardware and network equipment for development centres in Kolkata and Hyderabad; purchase of fit outs for new development centres in Kolkata and Hyderabad; funding the working capital requirements; and general corporate purposes.