Newgen Software Technologies made a modest debut on the bourses today, surging three per cent over the issue price of Rs 245.
The firm listed and closed the session at Rs 253 per unit on BSE, up 3.26 per cent over the issue price of Rs 245. In the intra-day trade, it had touched a high of Rs 266.50 and a low of Rs 245.95.
On National Stock Exchange (NSE), the fund settled 3.14 per cent higher at Rs 252.70. It had opened at Rs 254.10 and hit a high of Rs 266.70 and a low of Rs 246.25 in the intra day trade.
The company's Rs 425-crore IPO was subscribed more than 8 times during January 16-18.
The price band for the offer was fixed at Rs 240-245 per share.
Proceeds from the issue will be utilised towards purchase and furnishing of office premises near Noida-Greater Noida Expressway in Uttar Pradesh and for other general corporate purposes.
ICICI Securities, Jefferies India and IDFC Bank were the book running lead managers to the offer.
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