IT firm, Newgen Software Technologies has opened its initial public offer (IPO) for subscription today i.e 16, January and the issue will close on 18, January. The company has fixed a price band of Rs.240-245 per share.

The IPO, to raise approx Rs.424 crore and comprises fresh issue of up to Rs.95 crore by the company. The offer for sale by existing shareholders consists of up to 1,34,53,932 shares.

Proceeds from the fresh issue will be used towards purchase and furnishing of office premises near Noida-Greater Noida Expressway in Uttar Pradesh and for other general corporate purposes. Furthermore, bids can be made of minimum 61 equity shares and in multiples of 61 shares thereafter.

Read EquityPandit’s Technical Analysis of Nifty IT Outlook for the Week