The initial public offering (IPO) of Newgen Software Technologies Ltd received 19% subscription on the first day of the sale.
The company has set a price band of INR 240-245 per share for the IPO.
The offer will close on 18 January.
The company will utilize the proceeds for furnishing its office premises in Noida.
Newgen Software, is a provider of Business Process Management (BPM), Enterprise Content Management (ECM), Customer Communication Management (CCM) and Case Management solutions with large, mission-critical solutions deployed at world’s leading Banks, Insurance firms, Healthcare Organizations, Governments, BPO’s & Telecom Companies.
The company has been recognized by distinguished analyst firms including Gartner and Forrester. It has been positioned in the Magic Quadrants for Intelligent Business Process Management (iBPM), Enterprise Content Management (ECM), Customer Communication Management (CCM) and BPM-Platform-Based Case Management frameworks.