Persistent Systems IPO receives poor investor response

Issue subscribed just 4% by 16:00 IST on day one

The initial public offer (IPO) of IT firm Persistent Systems (India) was subscribed just 4% by 16:00 IST on the first of the issue today, 17 March 2010. The IPO got bids for 2.39 lakh shares compared with 54.19 lakh shares on offer. The issue closes on Friday, 19 March 2010. The price band for the IPO is Rs 290 to Rs 310 per share.

Persistent Systems (India), promoted by technocrat Dr Anand Deshpande is one of the leading players in outsourced software product development services. The company designs, develops and maintains software systems and solutions, creates new applications and enhances the functionality of its customers' existing software products. Currently, the company is present in the telecom & wireless, life sciences & healthcare and infrastructure & systems space. It has been working on new technologies like cloud computing, analytics, enterprise mobility and enterprise collaboration