January 29, 2018 / 5:39 AM / 20 days ago

BUZZ-India's Newgen Software gains on trading debut after $67 mln IPO

** Shares of Indian IT services provider Newgen Software Technologies Ltd rise as much as 8.9 pct to 266.70 rupees on its trading debut vs IPO price of 245 rupees

** Newgen’s 4.25 billion-rupee ($67 million) IPO was subscribed over 8 times; Co raised 950 mln rupees by selling new shares in IPO, while its shareholders raised the remainder

** Steep valuations limit gains, analysts say. Angel Broking had given a “neutral” rating to the IPO saying its pre-issue P/E of 274 times its April-Sept annualised earnings was higher than peers

** By 0527 GMT, the stock was trading 5.2 pct higher at 257.75 rupees

** Newgen’s was the second listing of 2018 in the Indian markets after a record IPO fundraising of $11 bln last year

$1 = 63.5200 Indian rupees

0 : 0
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