Newgen Software IPO subscribed 8.22 times

The initial public offer (IPO) of IT firm Newgen Software Technologies was subscribed 8.22 times so far on the last day of bidding today.

The IPO, to raise Rs 425 crore, received bids for 10,03,90,323 shares against the total issue size of 1,22,12,821 shares, data available with the NSE till 1900 hrs showed.

The category reserved for qualified institutional buyers (QIBs) was subscribed 15.62 times, non institutional investors 5.52 times and retail investors 5 times, merchant banking sources said.

The company had raised over Rs 127 crore from anchor investors on Monday. The initial share-sale of Newgen Software had opened on January 16.

The IPO comprises fresh issue of shares worth up to Rs 95 crore by the company and an offer for sale of 13,453,932 equity shares by the existing shareholders.

The price band has been fixed at Rs 240-245 per share. At the upper end, the public issue would fetch Rs 425 crore.

Proceeds from the fresh issue will be utilised towards purchase and furnishing of office premises near Noida-Greater Noida Expressway in Uttar Pradesh and for other general corporate purposes.

ICICI Securities, Jefferies India and IDFC Bank are the book running lead managers to the offer.

Newgen Software is a software products company offering a platform that enables organisations to develop applications addressing their strategic business needs.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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