The Hindu Business Line : Four Soft IPO oversubscribed

FOUR Soft Ltd., which recently came out with its IPO (initial public offer) of 79,50,000 equity shares of Rs 5 each at a premium of Rs 20 per share, has been oversubscribed by over 6 times.

The company has announced it has finalised the basis of allotment. It has inducted three members on its board — Mr Vishnu Raju, Mr M.M. Pallam Raju and Mr Raja Kumar Konduru (nominee director from UTI Venture Funds).

In the retail category, Four Soft received 29,255 applications for a total of 2,18,05,500 equity shares, resulting in 5.48 times oversubscription in the category. Allotments have been made to the applicants in proportion to the inverse of the subscription ratio, rounded off to the nearest marketable lot of 100 shares.

Four Soft has submitted listing applications to National Stock Exchange and the Mumbai Stock Exchange.

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Four Soft IPO oversubscribed