Tech startups Alphalogic, Transpact Enterprises make muted stock market debuts
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Alphalogic Techsys Ltd—the first Indian technology venture to float its share sale on the BSE startup platform—and health-tech company Transpact Enterprises Ltd made tepid trading debuts on Thursday.

Shares of Pune-based Alphalogic began trading on the BSE at Rs 83 apiece, down 1.2% from the initial public offering price of Rs 84. The stock traded between Rs 83 and 84.40 till early afternoon.

Meanwhile, shares of Mumbai-based Transpact, which makes therapeutic devices, began trading at Rs 132.50 compared with the IPO price of Rs 130 apiece. The stock traded between Rs 131 and Rs 132.50 till early afternoon.

The BSE’s benchmark Sensex was down 0.3% in the afternoon.

The two companies are among the early ones to list on the BSE after the Securities and Exchange Board of India tweaked its listing norms for startups in December last year.

Alphalogic’s subdued listing comes after an IPO that was subscribed 1.18 times on the final day with the help of non-institutional investors as retail investors stayed away.

The company raised a total of Rs 6.18 crore by selling a 26.5% stake. Of the total amount, Alphalogic aims to use Rs 5 crore to meet its working capital requirements and Rs 71 lakh for general corporate purposes.

Alphalogic was set up as a proprietorship in 2016 by Anshu Goel and turned into a public limited company last year. It offers a range of services including web and mobile application development, business intelligence and data analytics. It claims to have clients in the healthcare, enterprise software, e-commerce, fintech and social networking sectors.

Alphalogic recorded operating revenue of Rs 5.01 crore for the year through March 2019, up from Rs 2.18 crore the year before. Its profit after tax jumped to Rs 2.19 crore from Rs 37.09 lakh.

Transpact was incubated at the Indian Institute of Technology-Bombay’s Society for Innovation and Entrepreneurship. It raised about Rs 1.4 crore through the IPO, which was subscribed 1.13 times thanks to demand from retail investors.

The company will use the proceeds of the IPO to acquire a research and development facility, carry out clinical studies for new disorders, redeem preferential shares and for working capital.

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