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Newgen Software Technologies files IPO papers with Sebi

LiveMint logoLiveMint 27-09-2017 PTI

New Delhi: Newgen Software Technologies has filed preliminary papers with markets regulator Sebi to raise an estimated Rs400 crore through an initial share-sale offering.

The IPO comprises fresh issue of shares aggregating up to Rs95 crore and an offer for sale of 1,34,53,932 scrips by existing shareholders, including Ascent Capital and Pandara Trust, according to draft red herring prospectus (DRHP) filed with Securities and Exchange Board of India (Sebi).

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.

According to merchant banking sources, the company’s initial public offer (IPO) is expected to fetch Rs400 crore.

ICICI Securities and Jefferies India are global coordinators and book running lead managers, while IDFC Bank is the merchant banker to the issue.

Newgen Software Technologies is a software products company offering a platform that enables organisations to develop applications addressing their strategic business needs.

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