Newgen Software Technologies will launch its initial public offer (IPO) on January 16 and has fixed a price band of Rs 240-245 per share, a company statement said as per the PTI report. The IPO, to raise about Rs 424 crore, comprises fresh issue of up to Rs 950 million by the company and an offer for sale by the selling shareholders. The offer for sale consists of up to 1,34,53,932 shares. Newgen's IPO is scheduled to open on January 16 and would close on January 18, the statement said.
ICICI Securities and Jefferies India are the global co- ordinators and book running lead managers to the offer. IDFC Bank is the book running lead manager to the offer. The shares of Newgen Software Technologies are proposed to be listed on NSE and BSE. The company, established in 1992, deals in business process management software for banks, business process outsourcing firms, government organisations and sells products across 60 countries.