Career Point Infosystems IPO receives strong response

The IPO subscribed 25.54 times.

The initial public offer of tutorial services provider Career Point Infosystems was subscribed robust 25.54 times by 16:00 IST on the third day of the issue today, 20 September 2010. The IPO received bids for 8.19 crore shares, compared with 32.08 lakh shares on offer.



Bidding for the IPO closes on 21 September 2010. For institutional buyers, the bidding for the IPO closes today, 20 September 2010. The price band for the IPO is Rs 295-310 per share.

A day ahead of the opening of the IPO, Career Point Infosystems raised Rs 20.34 crore by roping in 10 anchor investors for its initial public offering. The company will allot 6.56 lakh shares at Rs 310 a piece, to the anchor investors, which include Goldman Sachs, Citigroup, Axis Mutual Fund and DSP Blackrock Mutual Fund.

Career Point Infosystems provides tutorial services for engineering and medical entrance exams. It has presence through 33 centres, of which, 17 are company operated while balance 16 are franchisee centres, spread over 13 states of the country.

Consolidated net profit rose 18.67% to Rs 17.79 crore on 36.57% rise in net sales to Rs 61.66 crore in the year ended March 2010 over the year ended March 2009.