Persistent Systems IPO opens today
By siliconindia   |   Tuesday, 16 March 2010, 21:50 IST   |    2 Comments
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Persistent Systems IPO opens today
Mumbai: Persistent Systems, an outsourced software product development firm, is tapping the capital market on March 17, 2010, with an Initial Public Offering (IPO) of 5,419,706 equity shares of 10 each for cash at a price to be decided through a 100 percent book-building process. The issue will close on March 19, 2010. The price band has been fixed between 290 and 310 per equity share. This issue has been graded by CRISIL as four on five, indicating above average fundamentals. The equity shares offered through the red herring prospectus are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange of India. The Book Running Lead Managers to the issue are Enam Securities and J. P. Morgan India. The issue will constitute 13.55 percent of the fully diluted post issue paid-up capital of the company and the net issue will constitute 12.19 percent of the fully diluted post issue paid-up capital of the company. At least 60 percent of the net issue will be allocated on a proportionate basis to Qualified Institutional Buyers (QIBs). As of December 31, 2009, the company has over 37 customers that have over $1 billion in annual revenue. The company has long-standing relationships with customers, built on its successful execution of prior engagements. The company has invested in building a team of more than 3,700 software professionals well-versed in the product development process.

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