IT firm Thinksoft Global Services has extended the bidding period of its initial public offer (IPO) that got a lukewarm response from investors by four working days and also revised its price range.
The bidding for Thinksoft IPO was scheduled to close on September 24 but now the issue will close on October 1, Karvy Investor Services Ltd, the pre-issue book running lead manager of the offer, said in a statement to the Bombay Stock Exchange (BSE).
The board of directors of Thinksoft decided to revise the price band to Rs 115 at the lower end and Rs 125 at the upper end per equity share, it said.
"In accordance with SEBI regulations, the bidding period stands extended by four working days," it added.
The IT firm had earlier fixed the price band of its public offer between Rs 120 to Rs 130 a piece.
Thinksoft IPO got a lukewarm response from investors and has been subscribed just 62 per cent till date, according to the latest data available with the National Stock Exchange.
Thinksoft has entered the capital market with an issue size of 36.46 lakh equity shares and expects to raise up to Rs 47.39 crore. The proceeds from IPO would be utilised to fund the company's expansion plans.