Xelpmoc Design has a tepid listing

There was a new listing on the bourses today. Xelpmoc Design got listed on the BSE at Rs.56 as against the IPO price of Rs.66, a discount of over 15%.

The issue was subscribed 3.25 times.

Xelpmoc, reverse for complex, provides technology and data science services to start-ups, making small investments in them, as well as a venture capitalist (VC).

In our New Issue Analysis we had concluded, “Micro cap stock, limited operating history, struggling P&L, hybrid operations of technology and venture capital fund make this a risky bet in the current secondary market conditions. Hence, it is best avoided.”