Persistent Systems IPO : Finally subscribed 93.60 times

by khalid on 20/03/2010 · 1 comment

Persistent Systems Ltd is in the business of outsourced software product development (OPD) services. The company design, develop and maintain software systems and solutions, create new applications and enhance the functionality of existing software products. The IPO of Persistent Systems Limited has received a record over-subscription in the last 26 months. The previous record was with DQ Entertainment IPO which was oversubscribed 86 times. The IPO of Persistent Systems Ltd has received an overwhelming response from all the categories and over-subscribed 93.60 times on an overall basis.

Part of the IPO proceeds will be used for construction of two new development centres one in Hinjewadi, Pune, and the other in Nagpur with a capacity to seat 3000 and 1200 employees, respectively, at a cost of Rs 80 crores.

The category-wise subscription status of Persistent Systems Ltd on closing day is given below:-
QIB: 144.43 Times
Non-Institutional Investors: 107.73 Times
Retail: 21.69 Times
Employee : 0.61 Times
Overall: 93.60 Times

CRISIL has assigned an IPO Grade 4 to this Issue of Persistent Systems Ltd. This means that the company has above average fundamentals as per the grading company CRISIL.

Issue Detail:-

Issue Open: 17th Mar 2010 – 19th Mar 2010
Issue Type: 100% Book Built Issue IPO
Issue Size: 5419706 Equity Shares of Rs 10
Issue Size: Rs. 157.17 – 168.01 Crores
Face Value: Rs. 10 Per Equity Share
Issue Price: Rs. 290 – Rs. 310 Per Equity Share
Market Lot: 20 Shares
Minimum Order Quantity: 20 Shares
Listing At: BSE, NSE

Book Running Lead Manager(s) to the issue are Enam Securities Private Limited amd J.P. Morgan India Private Limited

Registrar of the Issue is Link Intime India Private Ltd

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