New Delhi-based IT firm Newgen software package Technologies Ltd has raised Rs 127.38 large integer ($20 million) by merchandising shares to a bunch of anchor investors together with Emma Goldman Sachs and hedge fund Forefront various fund earlier than its initial public giving.
Newgen assigned 5.19 million shares at the higher finish of the Rs 240-245 per share worth band, in line with a exchange filing.
Home-grown capital and wealth management firm Alchemy Capital Management, Malabar Asian nation Fund, BNP Paribas Arbitrage and Societe Generale additionally came in as anchor investors.
The anchor investors additionally enclosed SBI investment trust, Hindu deity Birla Sun Life Trustee Pvt. Ltd.
Anchor investors area unit institutional investors World Health Organization settle for a one-month lock-in amount for a sizeable allocation of shares and support a public giving. Their participation highlights capitalists’ confidence in an IPO and sets a benchmark for the investor community at giant.
Newgen is seeking a valuation of Rs 1,696.27 large integer ($266.08 million) through the IPO.
At the higher finish of the value band, the corporate can issue three.87 million contemporary shares, besides the sale of 13.45 million shares by existing shareholders comprising promoters and letter of the alphabet investors.
The total IPO size is regarding Rs 425 large integer ($66.66 million) and can lead to 205.03% stake dilution on a post-issue basis.
The company had filed its draft prospectus with SEBI on 27 Sep. It received the regulator’s nod on terrorist organization.
The firm can use the take from the contemporary issue towards purchase and furnishing of workplace premises in Noida. it’ll use the balance quantity for general company functions.
ICICI Securities, Jefferies Asian nation and IDFC Bank area unit bourgeois bankers managing Newgen’s IPO.
Newgen offers a software package platform that allows customers to develop applications for his or her businesses. The platform contains enterprises content management tools that facilitate digitize content and data, business method management and client communication.
It earns revenues from multiple streams like the sale of software package merchandise, annuity-based revenues from numerous fees like SaaS (software as a service) subscription fees, annual technical and annual maintenance charges, among others. the corporate had over 450 customers in over 60 countries as of 30 Gregorian calendar month 2017.
Its key shoppers embrace trust corporation of America, Mercantil Bank, ICICI Bank, Trafigura, Bajaj Electricals, United Arab Bank, National banking company Jamaica, Axis Bank, Yes Bank, Kotak Mahindra Bank, Bank Islam Negara Brunei Darussalam Darussalam, Philippines Resource Saving Bank, ICICI prudent insurance, Reliance General Insurance, Georgia home boy insurance, Strides Shasun and Shriram Transport Finance.