Business Daily from THE HINDU group of publications
Thursday, Feb 15, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, Feb 15, 2007 ePaper |
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Markets
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IPOs Info-Tech - Software Our Bureau
MindTree Consulting's IPO, which closed on Wednesday, has been oversubscribed 92.55 times. The company is offering 55.93 lakh shares, forming about 15 per cent of the fully diluted post-issue paid-up capital, as part of the IPO. As per the NSE-BSE demand graph, total bids received stood at over 51.76 crore shares, while the total bids at cut-off price stood at over 3.12 crore shares. At the upper end of the price band of Rs 365-425 a share, MindTree would raise Rs 237.5 crore through the IPO, the proceeds of which will be used to part-finance a new development centre in Chennai. MindTree expects to utilise Rs 120.7 crore to acquire land in Chennai, while Rs 18.77 crore will go to repay a loan from HSBC. Kotak Mahindra Capital Company Ltd, JM Morgan Stanley Pvt Ltd and JP Morgan Pvt Ltd are the book running lead managers, while Macquarie India Advisory Services Pvt Ltd is the lead manager.
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