New Delhi, Jan 17 (PTI) The initial public offer of ITfirm Newgen Software Technologies was subscribed 70 per centon the second day of its listing today.
The IPO, which aims to raise Rs 425 crore, received bidsfor 85.54 lakh shares against the total issue size of over1.22 crore scrips, registering a subscription of 70 per cent,data available with the National Stock Exchange (NSE) showed.
The portion reserved for retail investors was subscribed1.33 times, while that for qualified institutional buyers(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's will be open for public subscription till tomorrow.
Newgen Software's initial public offer (IPO) comprisesfresh issue of shares worth up to Rs 95 crore by the companyand an offer for sale of 13,453,932 equity shares by theexisting 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 SPSBT.
This is unedited, unformatted feed from the Press Trust of India wire.