Newgen Software IPO Subscribed 19% On First Day Of Bidding
The IPO received bids for 23.16 lakh shares against the total issue size of over 1.22 crore shares.
The initial public offer of information technology firm Newgen Software Technologies Ltd. was subscribed 19 percent on the first day of its initial public offer today.
The IPO, which aims to raise Rs 425 crore, received bids for 23.16 lakh shares against the total issue size of over 1.22 crore shares, registering a subscription of 19 percent, data available with the National Stock Exchange as of 5 pm showed.
The company had raised over Rs 127 crore from anchor investors on Monday. The initial share-sale of Newgen Software will be open for public subscription till Jan.18.
Newgen Software's 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 existing shareholders.
Also Read: Newgen Software IPO: All You Need To Know
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.
Newgen is a software products company offering a platform that enables organisations to develop applications addressing their strategic business needs.