Four Soft IPO oversubscribed six times

Four Soft Limited's initial public offering (IPO) has been oversubscribed six times. The city-based company has announced that it has finalised its basis of allotment.

Prior to the listing on the bourses, the company expanded its board with the addition of three new members "� Vishnu Raju, M M Pallam Raju and Raja Kumar Konduru, who is the nominee director from UTI Venture Funds.

Four Soft focuses on the development of software products and consultancy services for supply chain process management in the domain area of logistics solutions for the global marketplace. The company focuses on enterprise applications for logistics, transportation and supply chain management.

Four Soft had offered 79,50,000 equity shares equity shares of Rs 5 each at a premium of Rs 20 per share. According to a press release in the retail category, Four Soft received 29,255 valid applications for a total of 2,18,05,500 equity shares, resulting in 5.48 times over subscription in the category.

The company said that allotments had been made to the applicants in proportion to the inverse of the subscription ratio, rounded off to the nearest marketable lot of 100 shares. The number of shares allotted is 41,08,500, including 1,33,500 shares additionally allotted due to rounding off.

Allotment of shares up to the category of 400 shares has been made on the basis of draw of lots. In the non-retail category, Four Soft received 663 valid applications for a total of 2,62,95,400 equity shares, resulting in oversubscription of 6.62 times.

Allotments have been made to applicants in proportion to the inverse of the subscription ratio, rounded off to the nearest marketable lot of 100 shares.

The number of shares allotted is 39,81,800, including 6,800 shares additionally allotted due to rounding off.