GSS America IPO Opens on 11th Feb with price band of Rs 400-440
GSS America Infotech, a total IT solution provider, specializing in, IT Infrastructure Management Services and Enterprise Application Integration, IT consulting proposes to enter the capital markets on February 11, 2008 with a public issue of 34,97,495 equity shares of Rs 10 each through 100% book building process.
The issue closes on February 15, 2008 and the price band has been fixed at Rs 400 to Rs 440 per equity share of Rs 10 each. After allowing for reservation of 1, 57,495 equity shares for eligible employees, the net issue to public will be 33, 40,000 equity shares, constituting 25.11% of the post issue paid up capital of the company.
Religare Securities Limited and Edelweiss Capital Ltd. are the BRLMs for the Issue and Bigshare Service Pvt Ltd is the Registrar to the Issue. The equity shares are proposed to be listed on BSE and NSE.
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From the prospectus, it is evident that the promoters made a fast position by issue of Bonus Shares to themselves. From enquiries about the company, it is found that they are a start up with no major experience other than Staffing in USA. Definitely, people should keep off!