Edserv Softsystems IPO ends with full subscription

Gets bids for 51.49 lakh shares as against 39.73 lakh shares on offer

The initial public offering of Edserv Softsystems (ESL) closed with full subscription. The issue, which was subscribed 1.30 times, got bids for 51.49 lakh shares as against 39.73 lakh shares on offer. The issue closed on 9 February 2009.

The qualified institutional buyer category was subscribed 1.07 times, the non institutional investors category (3.10 times), and the retail investors category (1.02 times).

The company came with an initial public offering of 39.7 lakh equity shares of Rs 10 each in the price band of Rs 55 - Rs 60. The company plans to raise between Rs 23.8 crore and Rs 21.8 crore through the issue. Post issue, the founder's stake would come down to 29.5% from 44.06%. The shares are proposed to be listed on the BSE and NSE.

Incorporated in 2001, Chennai-based Edserv provides integrated learning and placement solutions, customized software solutions and placement consulting to clients in the field of IT and non-IT verticals.

For the year ended on March 2008, the company posted net sales of Rs 3.94 crore with a net profit of Rs 2.53 cores.