IT firm Newgen Software Technologies today raised over Rs 127 crore from anchor investors ahead of its initial share-sale, which opens tomorrow. The company's IPO committee has finalised allocation of 5,199,444 equity shares to nine anchor investors at Rs 245 apiece, also the upper price band for the offer, Newgen Software informed the stock exchanges. At this price, the total amount works out to be Rs 127.38 crore, it added. Among the anchor investors are Goldman Sachs, SBI Mutual Fund, HDFC Trustee Company, Aditya Birla Sun Life Trustee Pvt Ltd and Forefront Alternative Investment Trust. Newgen Software's initial public offer (IPO) will open for public subscription tomorrow and close on January 18. The 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.
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