Kody TechnoLab, an India-based tech firm offering staff augmentation, AI development and Machine Learning development announced it has concluded its IPO, reports LiveMint. As part of its service portfolio, Kody TechnoLab provides IT resources for app development.

Kody Technolab shares were listed with a small premium of 6.25% to the issue price on NSE Emerge, a platform for SME companies. Kody Technolab share price began trading at INR 170 (USD 2.05) apiece as compared to its issue price of INR 160 (USD 1.93) per share.  Kody Technolab IPO was subscribed 51.55 times in total. The public issue received bids for 8,420,000 equity shares as against 1,720,000 shares on the offer. The public issue was subscribed 53.56 times in the retail category and 41.17 times in the Other category.

The company proposes to utilise the net proceeds from the fresh issue for funding capital expenditure toward setting up a development centre at Gift City, Gandhinagar, funding incremental Working Capital Requirement, repayment or prepayment of certain borrowings and general corporate purposes. Kody Technolab provides software development services including staff augmentation, AR development and implementation, enterprise mobility, digital transformation, business analytics and intelligence, artificial intelligence robotics IT consulting, Internet of Things (IoT) services, and IT consulting services, among others to a diverse set of industries.