Newgen Software debuts at 3.3 per cent premium

Newgen Software Technologies listed at Rs. 253 on BSE, at a premium of 3.3 per cent on its issue price of Rs. 245 per share after the company received a good response to its IPO offer.

The Rs. 425 crore IPO was open for subscription from January 16 to 18, 2018 and saw continued demand with bidders subscribing 8.25 times on the final day. The category reserved for qualified institutional buyers was subscribed 15.62 times, retail investors 5.18 times and non-institutional investors 5.52 times.

The company plans to use the proceeds towards purchase and furnishing of office premises near Noida-Greater Noida Expressway and for other general corporate purposes.

Newgen Software is a leading provider of Business Process Management, Enterprise Content Management, CCM, DMS, Workflow and Process Automation.

At 10:28 hours, Newgen Software was trading at Rs. 261.20 per share, up Rs. 16.20 or 6.61 per cent on BSE. The stock attracted a traded volume of 14,57,373 shares on BSE.