The first initial public offering (IPO) of the year 2010—Infinite Computer Solutions (India), a global service provider of Infrastructure Management, Intellectual Property (IP) leveraged solutions and IT services, has seen a record subscription of 42.77 times, as per data available on the NSE website.
At 4 pm, the issue had received bids for 41.8 crore equity shares as against the IPO size of 1.15 crore shares. The issue closed for subscription today.
Infinite entered the capital market on January 11, 2010, with an IPO of Rs 189.8 crore and the price band was between Rs 155 and Rs 165 per equity share.
The issue consisted of a fresh issue of 57,33,600 equity shares by the company (amounts to around Rs 94 crore) and an offer for sale of 57,69,400 equity shares by Whiterock Investments (Mauritius) Limited, Vaibhav Bhatnagar and Sanjay Govil (amounts to around Rs 95 crore).
The issue will constitute 26.17% of the fully diluted post issue paid-up capital of the company. Its outstanding shares will be around 4.3957 crore post issue and the market cap will be at Rs 681–725 crore.
The fresh issue proceeds will be used for capital expenditure (Rs 25.7 crore); acquisitions (Rs 38 crore) and repayment of debt (Rs 8.4 crore).
Nine anchor investors such as T Rowe Price International Inc., Carlson Fund India, Lloyd George Investment Management (Bermuda) Limited A/C L. G. India Fund and India Plus Fund, Alden Global (Mauritius) Ltd. Credit Suisse (Singapore) Ltd., BATSPL A/C Bharti Axa Equity Fund, Reliance Capital Trustee Co. Ltd. A/C Reliance Regular Savings Fund – Balanced Option and Citigroup Global Markets Mauritius Pvt. Ltd. have been allocated 1,725,450 shares at a price of Rs 165 per equity share (upper end) on January 8, 2010.
The equity shares are proposed to be listed on BSE and NSE. The book running lead managers are SPA Merchant Bankers Limited and India Infoline Limited. The syndicate members are SPA Securities Limited, India Infoline Limited, Avendus Capital Private Limited and Reliance Securities Limited.
Source Moneycontrol.com
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