Business Standard

Newgen Software shares up nearly 4% in debut trade

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Press Trust of India New Delhi
Shares of Newgen Software Technologies rose nearly 4 per cent in its debut trade today over the issue price of Rs 245.

The stock listed at Rs 253, up 3.26 per cent against the issue price on BSE. Later, the stock jumped 8.77 per cent to Rs 266.50.

At NSE, shares of the company debuted at Rs 254.10, a gain of 3.71 per cent.

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.

Disclaimer: No Business Standard Journalist was involved in creation of this content

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First Published: Jan 29 2018 | 12:35 PM IST

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