IntraSoft Technologies sets IPO price band at Rs 137-145/sh

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IntraSoft Technologies has announced a price band of Rs 137 to Rs 145 for its initial public offer (IPO) of 37 lakh equity shares of face value of Rs.10 each.  The issue will open for subscription on Tuesday, March 23, 2010 and will close on Friday, March 26, 2010.

The company will raise Rs 50.69 crore at the lower end of the price band and Rs 53.65 crore at the upper end of the price band. The upper band of the issue price is 14.5 times of the face value and the lower band of the issue price is 13.7 times of the face value.  The issue will constitute 25.12% of the post issue paid up capital of the company.

The Issue is being made through the book building process wherein at least 50% of the Issue shall be reserved for QIBs, not less than 15% of the Issue shall be reserved for non-institutional bidders and not less than 35% of the issue shall be reserved for retail individual bidders.

The object of the issue is to fund the company's requirements for branding & promotion, purchasing a corporate office in Kolkata, investment in technology infrastructure and for general corporate purposes.

IntraSoft Technologies has been assigned a 'CARE IPO GRADE 3' for its proposed initial public offering indicating average fundamentals by Credit Analysis and Research Limited.

IntraSoft Technologies Limited owns (through subsidiary 123greetings.com Inc.) and operates electronic greeting cards website, www.123greetings.com .

The shares of IntraSoft Technologies will be listed on Bombay Stock Exchange and National Stock Exchange of India.

Collins Stewart Inga Private Limited and Anand Rathi Advisors Limited are the book running lead managers to the issue.