Newgen Software Technologies, a software products company, made a modest debut on the bourses on Monday, surging 3% over the issue price of Rs 245. The company listed and closed the session at Rs 253 per unit on BSE, up 3.26% over the issue price. In the intra-day trade, it had touched a high of Rs 266.50 and a low of Rs 245.95. On the National Stock Exchange (NSE), the fund settled 3.14% higher at Rs 252.70. It had opened at Rs 254.10 and hit a high of Rs 266.70 and a low of Rs 246.25 in the intra day trade. The initial public offering (IPO) of Newgen Software was subscribed by 8.16 times on the concluding day of the offer, with investors bidding for 9.97 crore shares of the 1.22 crore shares on offer. The company’s Rs 425-crore IPO was subscribed more than 8 times during January 16-18.
The issue received bids of 5.47 crore shares from qualified institutional buyers, of their quota of 35.06 lakh shares. High-net-worth individuals bid for 1.44 crore shares of the 26.11 lakh shares reserved for them, bidding 5.52 times. Retail investors bid for nearly 5.01 times or 3.05 crore shares of the 60.94 lakh shares reserved.
