The initial public offer of Indore-based Infobeans Technologies has garnered a whopping subscription of Rs 1,100 crore, making it one of the highest mop-ups in share sale by a small and medium enterprise (SME).

The company received bids for 19 crore scrips against the total issue size of 63.48 lakh shares in the IPO, translating into a subscription of over 31 times, it said in a statement.

Shares of the company will list on Emerge platform of the NSE.

The portion set aside for non institutional investors was subscribed over 190 times and that of retail investors was subscribed more than 26 times. Qualified institutional buyers (QIBs) category witnessed a subscription of 1.71 times.

“The Rs 10-face value share offered at an issue price of Rs 58 in a market lot of 2,000 equity shares and in multiples thereof opened for subscription on April 18, has mopped up over Rs 1,100 crore,” the company said.

Proceeds of the issue would be utilised towards acquisition and other strategic takeovers; technical development, investment in subsidiaries, advertising and sales promotion and general corporate purpose.

Sarthi Capital Advisors was the Merchant Bankers to the issue.

Infobeans, which offers business application development for web and mobile, is looking to enter newer geographic markets including Europe and Middle East. Further, the company is expanding its US operations.

Source: DNA India