New Delhi, Jan 18 (PTI) The initial public offer (IPO) ofIT firm Newgen Software Technologies was fully subscribed bythe afternoon trade today, the final day of the offer.
The IPO, which aims to raise Rs 425 crore, received bidsfor 2.58 crore shares as against the total issue size of over1.22 crore scrips, registering a subscription of 2.11 times,the NSE data till 1230 hrs showed.
The portion reserved for retail investors was subscribednearly two times, while that for qualified institutionalbuyers (QIBs) witnessed a subscription of 10 per cent.
The company had raised over Rs 127 crore from anchorinvestors on Monday. The initial share-sale of NewgenSoftware opened on January 16 and will close today.
The IPO comprises fresh issue of shares worth up to Rs 95crore by the company and an offer for sale of 13,453,932equity shares by the existing shareholders.
The price band has been fixed at Rs 240-245 per share. Atthe upper end, the public issue would fetch Rs 425 crore.
Proceeds from the fresh issue will be utilised towardspurchase and furnishing of office premises near Noida-GreaterNoida Expressway in Uttar Pradesh and for other generalcorporate purposes.
Newgen is a software products company offering a platformthat enables organisations to develop applications addressingtheir strategic business needs. PTI SPSA.
This is unedited, unformatted feed from the Press Trust of India wire.