IT firm Newgen Software to launch IPO
Business Process Manager provider Newgen Software announced its plans to launch its initial public offering comprising a fresh issue of up to Rs. 950 million and an offer for sale by the selling shareholders. The IPO will have a price band of Rs. 240 to Rs. 245 per share and a face value of Rs. 10 per share each.
The minimum bid lot will be 61 equity shares and in multiples of 61 equity shares thereafter. The bid will open on Tuesday, January 16, 2018 and will close on Thursday, January 18. According to the company, the floor price of the share will be 24 times of the face value and the cap price will be 24.50 times of the face value of the share.
Newgen Software Technologies is a privately held IT company headquartered in New Delhi, India. The company is a global provider of Business Process Management (BPM), Enterprise Content Management (ECM), Customer Communication Management (CCM) and Case Management solutions. The company has a strong and growing presence in over 60 countries including the US, Canada, United Kingdom and Singapore.
On the financial front, the company posted 68 per cent year-on-year hike in its net profit to Rs. 479.99 million for FY2017. The company’s total revenue increased by over 23 per cent to Rs. 3,897.78 million for the corresponding period.