Issue subscribed 18.95 times; QIB subscribed 21.97 times, HNI and Retail subscribed 21.60 and 13.51 times respectively
Intrasoft Technologies Ltd., which operates the website www.123greetings.com, has fixed the issue price for its IPO at Rs 145 per equity share. The issue which opened for subscription on March 23, 2010 and closed on March 26, 2010 received a good response from investors and was subscribed 18.95 times.
The overwhelming response was seen from non-institutional investors, their reserved portion got subscribed 21.60 times followed by retail and qualified institutional investors, which portion overbid 13.51 times and 21.97 times, respectively.
The company has raised Rs 53.65 crore through the issue of 37,00,000 shares.
Issue Size – Shares 37,00,000
Issue Size - Amount Rs 53.65 cr
| Table 1: Figures at the End of March 26, 2010 | |||
| Category | # of shares available for allocation | Demand (shares) | Category Subscription (x) |
| QIB | 1850000 | 40639560 | 21.9673 |
| HNI | 555000 | 11990640 | 21.6048 |
| Retail | 1295000 | 17492920 | 13.5080 |
| Total | 3700000 | 70123120 | 18.9500 |
The issue had constituted 25.12% of the fully diluted post issue paid up equity share capital of the company. The face value of equity shares of Rs. 10 and The issue price is 14.5 times of the face value.
The proceeds from the IPO will be used fund the company’s requirements for branding & promotion, purchasing a corporate office in Kolkata, investment in technology infrastructure and for general corporate purposes.
Collins Stewart Inga Private Limited and Anand Rathi Advisors Limited were the Book Running Lead Managers to the issue.
Disclaimer: The Issuer is proposing, subject to market conditions and other considerations, a public issue of its equity shares and has filed a Prospectus with the Registrar of Companies. The prospectus is available on the respective websites of the BRLMs at www.csinga.com and www.rathi.com.
Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, see the section titled “Risk Factors” of the aforementioned offer documents. This announcement has been prepared for publication in India and may not be released in the United States. This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States, and any securities described in this announcement may not be offered or sold in the United States absent registration under the US Securities Act of 1933 or an exemption from registration.
