Newgen Software Technologies IPO to open on Jan 16

IT firm Newgen Software Technologies will launch its initial public offer (IPO) on January 16 as it looks to raise over Rs 400 crore from the market.

The company has fixed a price band of Rs 240-245 per share.

"The IPO comprises fresh issue of up to Rs 95 crore by the company. Besides, existing shareholders -- SAP, IDG Ventures and Accent Capital -- will exit post the IPO. They will get about Rs 325 crore," Newgen Software Technologies Managing Director Diwakar Nigam told reporters here.

He added that the offer for sale consists of up to 1,34,53,932 shares, which will open on January 16 and close on January 18.

ICICI Securities and Jefferies India are the global co- ordinators and book running lead managers to the offer. IDFC Bank is the book running lead manager to the offer.

The shares of Newgen Software Technologies are proposed to be listed on NSE and BSE.

Set up in 1992, Newgen offers business process management software across sectors like banks, government organisations, pharmaceutical and shared services.

It gets about 40 per cent of its revenues from India, 27 per cent from Middle East, and 26 per cent from the US.

Its revenue stood at Rs 433.7 crore in financial year 2016-17, while net profit for the same was Rs 52.3 crore.

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

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