Intrasoft IPO gets positive response on opening day

Intrasoft Technologies, owner of 123greetings.com, was listed on the bourses on Monday and managed to close above its issue price. While the shares dipped below the issue price of Rs 145 during the day, some amount of buying support lifted the stock back in positive territory.

On the National Stock Exchange (NSE), the stock made its debut at Rs 150, before touching a high of Rs 167.40. While the stock did touch an intra-day low of Rs 124, it gained ground to settle at Rs 159.10, a premium of 9.24 per cent over its issue price. A total of 22.11 million shares changed hands on the first day on NSE. Delivery-based transactions, however, accounted for less than 8 per cent as day traders accounted for bulk of the trades.

Meanwhile, on the Bombay Stock Exchange (BSE), the stock opened below its issue price at Rs 140. It, however, managed to rise above the issue price to touch the day’s high of Rs 167.15. The stock finally ended at Rs 159.35 — 9.89 per cent higher than its issue price. On BSE, 16.8 million shares of Intrasoft Technologies were traded with less than six per cent accounting for delivery.

The IPO, which opened for subscription on March 23, received an impressive response from investors and was subscribed 18.15 times.

The QIB portion was subscribed 21.97 times, while HNI and retail portion were subscribed 17.47 and 13 times, respectively. The company raised Rs 53.65 crore through the issue and intends to use the proceeds for funding the company’s requirements for branding and promotion, purchasing a corporate office in Kolkata, investment in technology infrastructure and for general corporate purposes.