Newgen Software Rs 4.25-bn IPO receives 20% subscription on day one

The Rs 4.25-billion initial public offering (IPO) of Newgen Software Technologies was subscribed 20 per cent on Tuesday, the first day of the issue. A day earlier, the company allotted shares worth Rs 127 crore to anchor investors.

The IPO comprises fresh equity issuance worth Rs 0.95 billion and an offer for sale worth Rs 3.3 billion. The price band for the IPO is fixed at Rs 240-245 per share. The IPO will remain open till Thursday