Newgen Software Technologies made a quiet debut by listing at Rs 253, a 3.3% premium over its issue price of Rs 245 per share on BSE. It moved higher to Rs 267 after its listing.
At 10:06 AM; the stock was trading at Rs 265 with around 890,000 shares changing hands on BSE.
The initial public offer (IPO) of Newgen Software Technologies was subscribed by 8.25 times.
The IPO to raise Rs 4.25 billion received bids for 101 million shares against the total issue size of 12.21 million shares.
The portion set aside for qualified institutional buyers (QIBs) was subscribed 15.62 times, non-institutional investors 5.52 times and retail individual investors 5.189 times. The company raised Rs 1.27 billion from anchor investors.
Newgen Software Technologies is a software products company offering a platform that enables organisations to develop applications addressing their strategic business needs.
The proceeds from the fresh issue will be utilised towards purchase and furnishing of office premises near Noida-Greater Noida Expressway in Uttar Pradesh and for other general corporate purposes.business-standard