Intrasoft Tech fixes issue price at Rs145/share

Intrasoft Technologies Ltd., which operates the website www.123greetings.com, has fixed the issue price for its IPO at Rs 145 per share. The issue which opened for subscription on March 23, and closed on March 26, received a good response from investors and was subscribed 18.95 times. The overwhelming response was seen from non-institutional investors, their reserved portion got subscribed 21.60 times followed by retail and qualified institutional investors, which portion overbid 13.51 times and 21.97 times, respectively. The company has raised Rs536.5mn through the issue of 37,00,000 shares. The issue constitutes 25.12% of the fully diluted post issue paid up equity share capital of the company. The proceeds from the IPO will be used fund the company’s requirements for branding & promotion, purchasing a corporate office in Kolkata, investment in technology infrastructure and for general corporate purposes. Collins Stewart Inga Pvt. Ltd. and Anand Rathi Advisors Ltd. were the Book Running Lead Managers to the issue.