The initial public offering (IPO) of Pune based software product development company Persistent Systems has opened for subscription today.
The 54,19,706 equity shares IPO, which closes on March 19, consists of a fresh issue of 41,39,000 equity shares and an offer for sale of 12,80,706 equity shares by Dr Shridhar Bhalchandra Shukla and Vijayalaxmi Shridhar Shukla and Ashutosh Vinayak Joshi.
The issue comprises a net issue to the public of 48,77,730 shares and a reservation of up to 5,41,976 equity shares for eligible employees. The issue will constitute 13.55% of the fully diluted post issue paid-up capital of the company.
The company will raise around Rs 157.17-168 crore at price band of Rs 290-310 per equity share. Promoters' holding will be reduced to 38.83% from 43.31% post issue.
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