Acropetal Technologies gains 7.5% on listing

Mr. D. Ravi Kumar-Chairman and Managing Director, Acropetal Technologies Ltd. strikes the gong at the Bombay Stock Exchange during the listing of the Company.   -  X

Mumbai, March 10

The stock of Acropetal Technologies closed up 7.56 per cent at Rs 96.80 — above the issue price of Rs 90 — on its listing day on Thursday on the NSE. It opened at Rs 92 and during intraday trade, it touched a high of Rs 140 and a low of Rs 87.4.

On BSE, the stock opened at Rs 130, touched a high of Rs 150 and a low of Rs 8, before closing at Rs 98.45.

A total of 10.1 crore shares were traded on BSE and NSE.

Acropetal Technologies' initial public offering was subscribed 1.55 times. The price band for the Rs 170-crore IPO was fixed at Rs 88-90.

The issue proceeds will be used to fund the company's potential acquisitions, to set up a software development centre-cum-corporate office in Bangalore and also for its expansion and establishment of overseas offices in the US, the UK, West Asia and South East Asia.

The company has its presence in Dubai, UAE through its subsidy Vision Info Inc.

Rating agency, ICRA, assigned a grade of 3/5 for the company's IPO indicating average fundamentals.

Saffron Capital Advisors are the sole book running lead managers to the issue.

Published on March 10, 2011


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