Excel Infoways fixes IPO price at Rs 85 per share

Business process outsourcing firm Excel Infoways has fixed the price of its initial public offering at Rs 85 per equity share.

The company, which came out with an IPO of 56.67 lakh shares earlier this month, plans to list itself on the Bombay Stock Exchange and the National Stock Exchange, Excel said in a statement today.

The issue price is 8.5 times of the face value. The 100 per cent book-built issue which closed on July 17 had garnered demand for nearly two times the shares on offer.

Excel had fixed the price band between Rs 80 and Rs 85 per equity share and raised about Rs 48 crore from the issue.

As per NSE data, the issue got over-subscribed on the final day with most of the bids coming in from non- institutional and retail investors.

Excel is expanding operations with two new facilities in Mumbai with an aggregate seating capacity of 300 seats. The cost of these projects is estimated at Rs 47.28 crore (to be funded by Rs 27 crore of IPO proceeds and balance through cash generation from operations).

Chartered Capital and Investment acted as the lead manager of the issue.