The Initial Public Offer (IPO) Excel Infoways Ltd got fully subscribed on the final day of offer today (17th July). The issue had opened on 14th July and most of the bids came from non-institutional investors. The company had came with a public issue of 56,67,000 equity shares of Rs 10 each for cash. Rs 80-Rs 85 was fixed as the price band for the issue. The equity shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
The IPO of Excel Infoways received bids for more than 68.66 lakh equity shares representing 1.21 times the shares offer, as per the data available with the National Stock Exchange (NSE).
The company aims to raise funds up to Rs 48.16 crore for setting up new facilities and for strategic investment or joint ventures. Excel is expanding operations with two new facilities in Mumbai with an aggregate seating capacity of 300 seats.
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