Taksheel Solutions ends with 63% discount

At Rs 55.85 on BSE

Shares of Taksheel Solutions settled at Rs 55.85 on BSE, a discount of 62.77% over the initial public offer price of Rs 150.

The stock debuted at Rs 157.40, a premium of 4.93% to the initial public offer (IPO) price. The stock hit a high of Rs 185 and low of Rs 38.50. On BSE, 3.76 crore shares were traded on the counter.



Taksheel Solutions' IPO closed on 4 October 2011. It received bids for 1.64 crore shares and was subscribed 2.99 times. The price band for the IPO was Rs 130 to Rs 150 per share.

Retail individual investors category was subscribed 6.18 times followed by non institutional investors (4.7 times) and qualified institutional buyers (0.24 times)

Taksheel Solutions is engaged in the business of providing information technology services to wealth management service providers.

From the issue proceeds, the company plans to finance Rs 9.16 crore for setting up of a new special economic zone (SEZ) software development centre in Hyderabad and Rs 8.66 crore for setting up of a new SEZ software development centre at Warangal. An amount of Rs 22 crore has been allocated for acquisitions and other strategic initiatives and Rs 12.80 crore for financing the incremental working capital requirements apart from general corporate purpose and issue expenses.

Taksheel Solutions' net profit surged 238.94% to Rs 27.42 crore on 197.49% spurt in net sales to Rs 147.26 crore in the year ended March 2011 over the year ended March 2010.