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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY)
SIFY 14.73+5.7%Jan 15 3:59 PM EST
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To: Mohan Marette who wrote (649)2/10/2000 12:31:00 PM
From: Mohan Marette  Read Replies (1) of 1471
 
**OT** Geometric Software IPO oversubscribed by 100 times

10-02-2000 14:01:42

Geometric Software Solutions Co. Ltd said today its initial public offering (IPO) of equity shares was oversubscribed by over 100 times. "Geometric has received over 230,000 applications for more than 130mn shares, resulting in the offer being oversubscribed by more than 100 times," the firm said in a statement.

The Mumbai-based firm launched an IPO of 1.31mn equity shares priced at Rs300 per share on January 28. The issue closed on February 2. The IPO comprised an issue of 310,000 new equity shares, each of Rs10 face value at a premium of Rs290 and an offer for sale by some existing shareholders of 1mn shares at the same price.

Geometric Software, founded by privately held Godrej & Boyce Manufacturing Co. Ltd and professional Manu Parpia, focuses on developing engineering software solutions through projects and products for the CAD/CAM (computer-aided design and manufacturing) vendors.

It posted a net profit of Rs29.2mn and total revenues of Rs138mn for the six months ended September 30, 1999 and has projected a net profit of Rs69.5mn and revenues of Rs342.13mn for the year ending March 31, 2000.

The Rs93mn garnered from the issue of new shares would be used mainly to finance the setting up of software development facilities near Pune city in Maharashtra.

Source: Reuters
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