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IntraSoft Technologies (123Greetings.com) IPO oversubscribed 19 times

IntraSoft Technologies, which owns an online greetings portal 123Greetings.com, has received an overwhelming response for its initial public offering (IPO) that has been oversubscribed by 18.95 times. Qualified and non-institutional investors’ portion subscribed over 21.97 times and 21.6 times, respectively. Retail investors’ portion got oversubscribed 13.51 times.

IntraSoft Technologies, which owns an online greetings portal 123Greetings.com, has received an overwhelming response for its initial public offering (IPO) that has been oversubscribed by 18.95 times. Qualified and non-institutional investors’ portion subscribed over 21.97 times and 21.6 times, respectively. Retail investors’ portion got oversubscribed 13.51 times.

The Rs 53.65 crore IPO consisting of 37 lakh equity shares of face value of Rs 10 each at a price band of Rs 137-145 was launched on March 23 and received bids for seven crore shares before it was closed on March 26, 2010. The issue will constitute 25.12 per cent of the post issue paid up capital of the company.

According to IntraSoft Technologies, the objective of the issue is to fund the company’s requirements for branding and promotions, purchasing a corporate office in Kolkata, investment in technology infrastructure and general corporate purposes. [Source: MoneyControl]

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