The initial public offering of IT solution provider, GSS America Infotech has been subscribed 0.99 times till 5 pm today, as per data available on NSE website. The support has seen from qualified institutional investors, which portion subscribed 1.12 times till yesterday.
The issue has opened for subscription with a public issue of 34,97,495 equity shares of Rs 10 each through 100% book building process. The issue wil close on February 15, 2008 and the price band is at Rs 400 to Rs 440 per equity share of Rs 10 each.
Religare Securities Limited and Edelweiss Capital Ltd. are the BRLMs for the Issue and Bigshare Service Pvt Ltd is the Registrar to the Issue. The equity shares are proposed to be listed on BSE and NSE.
The company proposes to utilize the net proceeds of the issue for setting up of state of the art Global Delivery Centre (GDC) at Hyderabad with 1000 seater capacity, setting up overseas offices, meeting working capital requirement and for acquisitions. Presently the company is operating in India from its two Global Delivery Centers in India, one at Jubilee Hills, Hyderabad and second at Hitech City, Madhapur, Hyderabad. Further, GSS also has two GDCs in Chicago, US.
The Company's present operations can be classified into two areas namely Enterprises Application Integration, (EAI) Infrastructure Management and Managed Services (IM/MS). Its clientele include major Fortune 1000 companies like Ernst & Young, Blue Cross Blue Shield of NC, BMC Software, Thomson, WR Grace & Co, TDS Telecom, Pepsi Co, etc.
Source: Moneycontrol.com
Thursday, February 14, 2008
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