Newgen Software Technologies subscribed 19 per cent on first day

Vastavam web: The initial public offer of IT firm Newgen Software Technologies was subscribed 19 per cent on the first day of its listing today.The IPO, which aims to raise Rs 425 crore, received bids for 23.16 lakh shares against the total issue size of over 1.22 crore scrips, registering a subscription of 19 per cent, data available with the National Stock Exchange (NSE) showed.Newgen Software’s initial public offer (IPO) comprises 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.

The price band has been fixed at Rs 240-245 per share. At the upper end, the public issue would fetch Rs 425 crore.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.