India Infoline has come out with a research report on Persistent Systems' IPO. The broking firm has recommended subscribing to this issue.
The initial public offering (IPO) of Pune based software product development company opened for subscription. The company plans to raise around Rs 157.17-168 crore at price band of Rs 290-310 per equity share via 54,19,706 equity shares issue.
The report says, "Persistent Systems (PSL) is a niche player in the outsourced software product development (OPD) segment. The company develops and maintains software systems and solutions and also augments the functionality of customers' existing software products. It caters to various segments including telecommunications, life sciences, infrastructure and systems. The company proposes to raise Rs1.5bn, which will be utilized for development facilities at Pune and Nagpur along with hardware procurement. Being a dominant player in the OPD segment, it is well-poised to capitalize on the growth of the IT industry. We recommend subscribing to the issue."
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