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Jan 18, 2018 03:10 PM IST | Source: Moneycontrol.com

Newgen IPO Update: Issue subscribed 3.3 times on last day so far

The issue has received bids for 1.34 crore shares against the total issue size of over 1.22 crore scrips, data available with the NSE as of 11 am showed on Thursday.

Software products firm, Newgen’s initial public offering (IPO) was oversubscribed over 3 times on Thursday, the last day of the issue. The issue was subscribed 70 percent on Wednesday.

The IPO, which aims to raise Rs 425 crore, received bids for 4.03 crore shares against the total issue size of over 1.22 crore scrips, data available with the NSE as of 3:05 pm am showed on Thursday.

The company had raised over Rs 127 crore from anchor investors on Monday.

Newgen Software's initial public offer (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.

(With inputs from PTI)
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