January 18, 2018 / 1:24 PM / a year ago

India's Newgen Software $67 mln IPO subscribed 8 times

Jan 17 (Reuters) - Indian IT services provider Newgen Software Technologies Ltd’s initial public offering (IPO) of shares to raise up to 4.25 billion rupees ($66.6 million) was subscribed more than eight times on the last day of the sale on Thursday.

Investors bid for almost 100 million shares, or 8.2 times the 12.2 million shares on offer, stock exchange data as of 1305 GMT showed.

Newgen was selling new shares to raise 950 million rupees, while its shareholders were selling 13.5 million shares in a price range of 240-245 rupees a share.

ICICI Securities, IDFC Bank and Jefferies are managing the IPO.

The 6 billion rupee IPO of air conditioner maker Amber Enterprises India Ltd was subscribed over 3.6 times by the second day of the sale. The IPO closes for subscriptions on Friday. ($1 = 63.8525 Indian rupees) (Reporting by Vishal Sridhar in Bengaluru; Editing by Subhranshu Sahu)

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