Shares of Newgen Software Technologies were trading at Rs 256.90 at 10:27 IST on BSE, a premium of 4.86% over the initial offer issue price of Rs 245 per share, on its debut on the bourses today, 29 January 2018.
Meanwhile, the S&P BSE Sensex was up 308.17 points or 0.85% at 36,358.61. The S&P BSE Small-Cap index rose 30.76 points or 0.16 % at 19,372.94, underperforming the Sensex.
Shares of Newgen Software Technologies were listed on the bourses at Rs 253, a premium of 3.27% over the IPO issue price of Rs 245. The stock had hit a high of Rs 266.50 and low of Rs 250.25 so far during the day. So far, 13.26 lakh shares were traded on the counter.
The initial public offer (IPO) of Newgen Software Technologies had received bids for 10.07 crore shares. The IPO was subscribed 8.25 times. The IPO had opened on 16 January 2018 and closed on 18 January 2018. The company had fixed the price band of IPO at Rs 240 to Rs 245 per equity share.
The objects of the issue were to purchase and furnishing of office premises near Noida-Greater Noida Expressway, Uttar Pradesh to the tune of Rs 8.43 crore and general corporate purposes.
Newgen Software Technologies reported a net profit of Rs 5.65 crore on sales of Rs 182.78 crore in half year ended 30 September 2017.
Newgen Software Technologies offers a platform to enable organizations to drive digital transformation of business processes such as automation of routine business functions, making them faster, easier and more accurate and increasing the channels or devices through which these functions can be performed.
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