IntraSoft IPO at Rs 137-145 per share price band

Issue opens on 23 March 2010

IntraSoft Technologies, which owns 123greetings.com, has priced its initial public offer of 37 lakh equity shares of face value Rs 10 each in the Rs 137 to Rs 145 per share price band. The issue will open on 23 March 2010, and will close on 26 March 2010.

The company will raise Rs 50.69 crores at the lower end of the price band and mop up Rs 53.65 crores at the upper end. The issue constitutes 25.12% of the post issue paid up capital.

At least 50% of the book build issue will be reserved for qualified institutional buyers (QIBs); not less than 15% reserved for non-institutional bidders and 35% reserved for retail individual bidders.

IntraSoft plans to fund the company's requirements for branding & promotion, purchasing a corporate office in Kolkata, and investment in technology infrastructure from the issue proceeds.

CARE has assigned IPO Grade 3 to the IPO, indicating average fundamentals.