Shares of IntraSoft Technologies Ltd., which owns & operates the website www.123greetings.com, listed today on both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The stock has touched a high of Rs. 167.15 before closing with a gain of 9.90 % higher at Rs. 159.35 on BSE over its issue price of Rs 145 per share. A total of 38,910,845 shares on IntraSoft Technologies have changed hands on BSE & NSE on the listing day.
“We have entered the gifting solutions business, which has caused a huge topline growth. As far as the advertising is concerned, we have entered the geographies of the first time specifically India and also the Far East. We have also entered new technologies like rich media which has allowed us to get ad which are expandable and typically it is more user engaging. So the advertiser pays a higher price for it”, says Mr Arvind Kajaria, Managing Director, IntraSoft Technologies.
“We expect our sales for FY10 to be at Rs 31 crore with net profit of Rs 9 crore and EPS of Rs 6.11. For FY11, we are likely to touch the sales of Rs 52 crore and net profit of Rs 14 crore on fully diluted capital,” he added.
The 37,00,000 shares issue which opened for subscription on March 23, 2010 and closed on March 26, 2010 received a remarkable response from investors and was subscribed 18.15 times. The QIB portion was subscribed 21.97 times, while HNI & Retail portion was subscribed 17.47 and 13 times. The Company has received 38,933 valid applications for the issue size of Rs.53.65 crores.
The company has raised Rs 53.65 crore through this issue. 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.
