Bangalore based IT service provider Acropetal Technologies' shares witnessed profit booking after a sharp jump in initial first hour of trade.
D Ravi Kumar, the CMD of Acropetal Technologies Ltd, in an interview on CNBC-TV18 said in FY11, the company clocked Rs 28 crore profit on a consolidated basis. He also added that they planned on maintaining their CAGR os 37% and that new acquisitons would add to the company's topline.
CNBC-TV18's managing editor Udayan Mukherjee says Acropetal Tech is not more than a Rs 200 crore company. "I doubt whether that will actually be spoken about a lot after the listing day excitement. I know the grey market price is quite significant but the issue should not receive great subscription."
Shares of Acropetal Technologies, a Bangalore based IT service provider, saw huge demand in opening trade on listing day. A share has touched a high of Rs 140 on the NSE, up 55.56% over an issue price of Rs 90.
Bangalore-based IT service provider Acropetal Technologies' Rs 170 crore initial public offering (IPO) opened for subscription on Monday.