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Omnitech InfoSolutions IPO subscribed 0.76 times on day 1

Thursday, July 19, 2007

Omnitech InfoSolutions IPO was subscribed 0.76 times on first day. The issue received bids for 29.59 lakh shares as against total issue size of 38.88 lakh shares.

Foreign Institutional Investors (FIIs), the only bidders in the Qualified Institutional Buyers (QIBs) category, bid for 26.27 lakh shares. There were no bids by Domestic Financial Institutions and Mutual Funds.

The Non Institutional Investors bid for 1.01 lakh shares as against 5.54 lakh shares assigned for this category.

The Retail Investors bid for 2.30 lakh shares, of which 2.13 lakh shares were bid at cut off price.

The company has fixed the price band between at Rs 90 - Rs 105 per share of face value Rs 10 each. The issue will close on 25 July 2007.

Omnitech offers IT solutions and products such as business availability services, business continuity services, systems integration solutions, framework solutions and products.

The company plans to deploy the IPO proceeds to fund acquisitions and strategic investments, to alternatively set up new technology center, set up overseas offices for business expansion and enhance existing facilities.

Posted by FR at 11:26 PM  

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Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it.& take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations given in this blog.