Newgen Software Technologies share price listed at Rs 256 on the National Stock Exchange, up 4.5 percent over issue price of Rs 245 per share on Monday.
The stock price hit an intraday high of Rs 266.70 (up 8.85 percent) and low of Rs 254.10, which was the pre-opening rate.
At 10:03 hours IST, it was trading at Rs 260.05 on the NSE, up 6.14 percent over issue price and was up 6.98 percent at Rs 262.10 on the BSE.
The Rs 425-crore initial public offer (IPO) of the IT firm was oversubscribed 8.25 times during January 16-18, 2018.
The IPO comprised of 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.
Newgen would use issue proceeds towards purchase and furnishing of office premises near Noida-Greater Noida Expressway in Uttar Pradesh and for other general corporate purposes.Newgen Software is a software products company offering a platform that enables organisations to develop applications addressing their strategic business needs.