Multibagger IPO: SME stock is in focus as shares pre-split in the ratio of 1:2 today

 

• Dev IT board has fixed the record date for the stock split on November 25, 2022

Multibagger IPO: Dev Information Technology is one of the Dalal Street stocks that have made a strong rally in year-to-date (YTD) time. In 2022, this SME stock is set to grow from around ₹133 to ₹237 per level, an increase of around 75 per cent in this time. However, the small-cap stock will be one of the stocks in focus today as it is going to trade X-split today. The Board of Directors of the Company has fixed November 25, 2022 as the record date for stock subdivision in the ratio of 1:2.

Notifying the Indian exchanges about the share split decision, the small-cap company said, "Pursuant to SEBI's Regulation 42 (Listing Obligations and Disclosure Requirements), 2015, we hereby inform you that Vikas Information Technology Limited (the "Company") WHEREAS the Board of Directors has fixed Friday, the 25th day of November, 2022 as the "Record Date" for the purpose of sub-division of 1 (one) fully paid-up Equity Share of the Company to ascertained shareholders having a face value of ~ 10./- (Rupees Ten) each, 2 {two) fully paid-up Equity Shares having a face value of ~ 5/- (Rupees Five Only) each fully paid-up, to be issued by the shareholders has been approved by the Board at its 25th Annual General Meeting dated the 30th September, 2022."

dev it share price history

The initial public offering (IPO) of Dev Information Technology or Dev IT was launched in March 2017 at a fixed price band of ₹42 per equity share. So, Dev IT is one of those multibagger IPOs that the Indian market has produced in recent years. One lot consisted of 3000 Dev IT shares. Therefore, a bidder needed at least ₹1.26 lakh to apply for the IPO. Dev IT shares had a good listing as it was listed on the NSE SME exchange at ₹50.40 level, fetching 20 per cent listing premium to the lucky allottees. When compared to today's IPO price band, Dev IT share price is trading at 465% premium to its issue price. This means, if an allottee had remained invested in this stock till post allotment, his ₹ 1.26 Lakh would have become ₹ 7.125 Lakh today.