MindTree IPO oversubscribed 70.33 times
MindTree Consulting, an international IT and R&D Services Company that delivers business and technology solutions through global software development, has been received fantastic response from investors, especially FIIs and HNIs. More than 39.33 crore bids have been received against its issue size of 55.93 lakh shares while 1.87 crore bids at cut off price.
Analyst said that the issue is really good for short term as well as for long term. So just bet on it.
MindTree public issue was oversubscribed 70.33 times, till 4 pm on Feb 14, as per NSE website.
The issue is open for subscription with an initial public offering, IPO of 5,593,300 equity shares of Rs 10 each at a price band of Rs 365 to Rs 425 per equity share through the 100% book building process.
The issue comprises of a net issue of 4,940,740 equity shares of Rs 10 each to the public and up to 372,900 equity shares of Rs 10 each reserved for subscription by eligible employees and up to 279,660 equity shares of Rs 10 each reserved for subscription by business associates.
The issue will constitute 15% of the post-Issue capital of the company and the net issue will constitute 13.25% of the post-Issue capital of the company.
Of the net issue, 60% is being reserved for allotment to qualified institutional buyers, of which 5% will be reserved for allotment to mutual funds. A further up to 10% will be allotted to non-institutional investors and the balance up to 30% will be allotted to retail investors.
MindTree is organised into two divisions – Information Technology Services and Research and Development Services. IT Services comprise IT strategic consulting, application development and maintenance, package implementation and product engineering services. The IT Services business unit offers such services with a strong focus on certain industries including manufacturing, travel and transportation, banking, financial services and insurance.
R&D Services are organised into two divisions – Engineering, which provides product realisation services including architecture and design, re-engineering and product assurance to technology and product firms; and Research, which conceives and develops intellectual properties, primarily in the short-range wireless communication segment and licences and customises such intellectual properties for clients.
Kotak Mahindra Capital Company and JM Morgan Stanley are the book running lead managers, J P Morgan India is a co–book running lead manager and Macquarie India Advisory Services is a lead manager to the issue.
Analyst said that the issue is really good for short term as well as for long term. So just bet on it.
MindTree public issue was oversubscribed 70.33 times, till 4 pm on Feb 14, as per NSE website.
The issue is open for subscription with an initial public offering, IPO of 5,593,300 equity shares of Rs 10 each at a price band of Rs 365 to Rs 425 per equity share through the 100% book building process.
The issue comprises of a net issue of 4,940,740 equity shares of Rs 10 each to the public and up to 372,900 equity shares of Rs 10 each reserved for subscription by eligible employees and up to 279,660 equity shares of Rs 10 each reserved for subscription by business associates.
The issue will constitute 15% of the post-Issue capital of the company and the net issue will constitute 13.25% of the post-Issue capital of the company.
Of the net issue, 60% is being reserved for allotment to qualified institutional buyers, of which 5% will be reserved for allotment to mutual funds. A further up to 10% will be allotted to non-institutional investors and the balance up to 30% will be allotted to retail investors.
MindTree is organised into two divisions – Information Technology Services and Research and Development Services. IT Services comprise IT strategic consulting, application development and maintenance, package implementation and product engineering services. The IT Services business unit offers such services with a strong focus on certain industries including manufacturing, travel and transportation, banking, financial services and insurance.
R&D Services are organised into two divisions – Engineering, which provides product realisation services including architecture and design, re-engineering and product assurance to technology and product firms; and Research, which conceives and develops intellectual properties, primarily in the short-range wireless communication segment and licences and customises such intellectual properties for clients.
Kotak Mahindra Capital Company and JM Morgan Stanley are the book running lead managers, J P Morgan India is a co–book running lead manager and Macquarie India Advisory Services is a lead manager to the issue.
posted by RK at 3:49 AM
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