Transpact Enterprises Ltd. becomes first start-up to be listed on BSE start-up platform
Transpact Enterprises Limited was conceived by a group of technocrats and academicians, as a social enterprise in the year 2013 at SINE
In an interesting development for the start-up world, a med-tech start-up – Transpact Enterprises Ltd has become the first-ever start-up to list on the newly launched Bombay Stock Exchange (BSE) Start-up Platform for IPO (Initial Public Offering) investments. It has created a buzz as it is an R&D (Research and Development) product incubated at an academic institute. Transpact Enterprises Ltd. is incubated at the Indian Institute of Technology (IIT) Bombay’s – Society for Innovation and Entrepreneurship (SINE).
After this new platform of IPO was opened for start-ups in India to encourage young entrepreneurs, Transpact Enterprises Ltd. has become the first start-up to be listed on BSE. It opened IPO on August 26 at an issue size of 104,000 equity shares of Rs 10 each for cash at a fixed price of Rs 130 per equity share and was fully subscribed in just three days to be ready to be listed on stock markets.
Transpact Enterprises Ltd. - a med-tech start-up, develops a device – Vestibulator for vestibular rehabilitation, neurodevelopmental and Sensory Integration Therapy for Cerebral Palsy, Autism Spectrum Disorder, Attention Deficit Hyperactivity Disorder, Learning Disabilities and Vertigo patients. This device which looks like a chair, not only assists patients of above-mentioned conditions to perform certain physical activities which are part of their treatment but also saves data of each patient for advanced treatment as well as research purposes. Currently, it has sold one machine to a rehabilitation centre in Mumbai. The IPO, however, makes the company confident of being able to design and produce more of it for farther reach.
Transpact Enterprises Limited was conceived by a group of technocrats and academicians, as a social enterprise in the year 2013 at SINE. The Company intends to use the net proceeds of the IPO offering primarily to acquire R&D facility and registered office on a long term basis; conduct further clinical studies for new disorders; redemption of preferential shares; and general working capital. The IPO was Lead Managed by Aryaman Financial Services Limited.
The medical device is built based on IP from IIT Bombay co-patented with Transpact Enterprises. Talking about the development, Poyni Bhatt, CEO at SINE, said, "This was an R&D product at the IIT Bombay’s SINE along with Transpact. This is a very good example of how an entrepreneur can create an impact company based on IP from an academic institute, supported under various government schemes, build and commercialize a product, and now aiming high of going on the stock exchange." Bhatt further explained, "Start-ups generally depended on angel investors or venture capitalist without leaving much of exit room available for investors. Opening IPO platform for a start-up is a great beginning for more convenient start-up funding."
Speaking on the phenomenal response to its IPO, Mr Aslam Khan, Founder and Executive Director, Transpact Enterprises Limited said, "We are proud to be India’s first startup to be listed on BSE Startup platform. The closing of Transpact’s IPO marks the beginning of a new chapter for our company and is a testament to the faith our investors have reposed in us."
Sign up for all the latest news, top galleries and trending videos from Mid-day.comSubscribe