Newgen Software gets Sebi's go-ahead for IPO 21/11/2017

Newgen Software gets Sebi's go-ahead for IPO
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Newgen Software Technologies received Sebi's go-ahead to float initial public offerings, latest update with the markets regulator showed, said the media reports. Newgen obtained Sebi's "observations" on November 17. The firm had filed its draft papers with the regulator in September. Going by the draft papers, Newgen's IPO comprises fresh issue of shares aggregating up to Rs 95 crore and an offer for sale of 1,34,53,932 scrips by existing shareholders, including Ascent Capital and Pandara Trust. According to merchant banking sources, the company's initial public offer (IPO) is expected to fetch Rs 400 crore. Proceeds from the fresh issue will be utilised towards purchase and furnishing of office premises near Noida-Greater Noida Expressway in Uttar Pradesh and for other general corporate purposes. ICICI Securities and Jefferies India are global coordinators and book running lead managers, while IDFC Bank is the merchant banker to the issue. Newgen is a software products company offering a platform that enables organisations to develop applications addressing their strategic business needs.

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