BackNewgen Software IPO gets 70% subscription on Day 2
According to data from stock exchanges, the portion of shares reserved for retail investors in the Newgen IPO was subscribed 1.33 times
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Mumbai: The Rs424.6-crore initial public offering (IPO) of software products maker Newgen Software Technologies Ltd received demand for 70% of the shares on offer on the second day of the sale on Wednesday.
According to data from stock exchanges, as of 5pm, the portion of shares reserved for retail investors in the Newgen IPO was subscribed 1.33 times. While those set aside for institutional and non-institutional investors received weak demand, registering subscription of 10% and 3%, respectively.
Newgen has set a price band of Rs240-245 per share for the IPO. The offer will close on 18 January.
The Newgen IPO comprises a fresh issue of shares worth Rs95 crore and an offer for sale of 13.45 million shares by existing venture capital investors.
Newgen will utilize the proceeds from the fresh issue for furnishing its office premises in Noida, on the outskirts of New Delhi.
Venture capital investors selling their stakes in Newgen IPO include IDG Ventures, SAP Ventures and Ascent Capital.
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