Persistent Systems IPO subscribed 16.59 times

The Initial Public Offering (IPO) of Persistent Systems Limited has received good response from investors with the issue receiving subscription of 16.59 times till 12:00 on March 19, 2010.

The IPO has received total bids for 89903960 equity shares against the offer of 5419706 equity shares. The issue has received bids for 3250800 equity shares at cut-off price.

The company has come out with IPO of 5,419,706 shares of Rs 10 each for cash at a price band of Rs.290 to Rs. 310 through 100% book building process.

The IPO opened for subscription on March 17, 2010 and closes for subscription today - March 19, 2010.

Source : Equity Bulls

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