Newgen Software IPO subscribed 19 pc on Day 1

The initial public offer of IT firm Newgen Software Technologies was subscribed 19 per cent on the first day of its listing today.
The IPO, which aims to raise Rs 425 crore, received bids for 23.16 lakh shares against the total issue size of over 1.22 crore scrips, registering a subscription of 19 per cent, data available with the National Stock Exchange (NSE) showed.
The company had raised over Rs 127 crore from anchor investors on Monday. The initial share-sale of Newgen Software's will be open for public subscription till January 18.
Newgen Software's initial public offer (IPO) comprises fresh issue of shares worth up to Rs 95 crore by the company and an offer for sale of 13,453,932 equity shares by the existing shareholders.

The price band has been fixed at Rs 240-245 per share. At the upper end, the public issue would fetch Rs 425 crore.
Proceeds from the fresh 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.
Newgen is a software products company offering a platform that enables organisations to develop applications addressing their strategic business needs.