Edserv IPO jumps 150% on Day I

Edserv Softsystems' initial public offering (IPO) jumped 150 per cent to Rs 147 on the first day of its listing. The stock opened at Rs 55, a discount of 8.33 per cent from its upper band of issue price of Rs 60.

It touched an intra-day high of Rs 147, a rise of Rs 82.55 from its opening price. It closed slightly lower at Rs 137.55. A total of 34 million shares of Edserv Softsystems changed hands on the BSE.

The IPO was subscribed by about 1.30 times as against the 39,73,908 shares offered. The qualified institutional buyers (QIB) portion was subscribed 1.08 times while non-institutional investor’s portion received a response of 3.10 times and the retail portion was subscribed 1 time. The IPO was priced at a band of Rs 55-60 at a face value of Rs 10 per share through the book-building route.

 

Chennai-based Edserv Softsystems provides integrated learning and placement solutions, customised software solutions and placement consulting to clients in the field of IT and non-IT verticals. The company has three business units, namely, ELMAQ (IT Training), Edserv (HEADS) and Lambent (Software Development).