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Home > Business > PTI > Report

Allsec's IPO oversubscribed

April 23, 2005 16:15 IST

Allsec Technologies Ltd, India's first voice-based BPO to tap capital markets, on Saturday said its public issue was oversubscribed by 4.15 times and informed the decision to list its stocks on the bourses on May 9, 2005.

The public issue, which opened for subscription on April 13, was oversubscribed by 4.15 times, P Swaminathan, chief financial officer, Allsec Technologies, told PTI in Chennai.

The Chennai-based Allsec's public issue of 3,141,200 equity shares, comprising 149,600 equity shares to employees and 2,991,600 equity shares to the public, was closed on April 20, 2005.

He said the 25 per cent of the public issue, which was reserved for small and retail investors, was oversubscribed by over two times.

The board of directors of Allsec Technologies, which is meeting in Chennai on Wednesday, would finalise the date of listing of the companies shares on the National Stock Exchange and the Bombay Stock Exchange.

"As per the current plans, we would be listing the stocks on May 9, subject to necessary clearances," he said.

"In any case, we would do the listing before May 10." On the public issue, Swaminathan said that the company received bids for 2.7 times the issue for the highest price band of Rs 162 per equity share.

The price band for the issue was Rs 135 to Rs 162 per equity share of face value of Rs 10.

Allsec Technologies' public issue was to raise funds for its expansion plans, which include the setting up a 1000-seat facility in Chennai.

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