Acropetal Technologies IPO Subscribed 11% On Second Day
The initial public offer (IPO) of Acropetal Technologies was subscribed 0.11 times at 16:00 IST on the second day of the issue today, 22 February 2011. The IPO received bids for 22.10 lakh shares compared with 1.93 crore shares on offer.
The Bangalore-based Acropetal Technologies – an outsourcing service provider in healthcare, energy and environment verticals – has fixed the price band for its Rs 170 crore initial public offering at Rs 88-90 a share. The issue closes on 24 February 2011.
Acropetal offers IT/ITES solutions and a broad spectrum of engineering design services to reduce product design cycle time and costs.
The issue proceeds will be used to fund the company’s potential acquisitions, to set up a software development centre cum corporate office in Bangalore and also for its expansion and establishment of overseas offices in the US, the UK, West Asia and South East Asia. The company has its presence in Dubai and the UAE through its subsidy Vision Info Inc.
Rating agency ICRA assigned a grade of 3/5 for the company’s IPO indicating average fundamentals.
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