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Persistent Systems IPO overbid; should you invest?
The initial public offering (IPO) of Pune based software product development company Persistent Systems, which closes on March 19, has been subscribed 5.53 times, as per data available on the NSE website.
The company will received only Rs 128.31 crore from the issue while the rest of money will go to selling shareholders.
The objects of the issue are to establish development facilities; capitalise subsidiaries for establishing development facilities and meeting fit outs and interior design costs; procure hardware and fund expenditure for general corporate purposes.
It is one of the market leaders in outsourced software product development services. It is an OPD specialty company, offering customers the benefits of offshore delivery. It designs, develops and maintains software systems and solutions, create new applications and enhance the functionality of customers' existing software products.
The book running lead managers to the issue are Enam Securities Private Limited and JP Morgan India Private Limited. Link Intime India Private Limited is the registrar.
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