Friday, February 6, 2009

EdServ Softsystems IPO - Analysis, Review and Recommendation

EdServ Softsystems, an e-learning company, opened for subscription today with an IPO of 39.7 lakh equity shares of Rs 10 each. The shares are proposed to be listed on the BSE and NSE. The price will be decided through 100 per cent book-building process.

The price band for the issue is fixed between Rs 55 and Rs 60. Issue will close on February 9. The company plans to raise between Rs 23.8 crore and Rs 21 crore.

CARE has assigned IPO grade 1 to this issue, indicating poor fundamentals. We thought of giving more details but stopped at giving just the summary as we do not wish the investors to look at IPOs for now. Gemini Engi Fab had to withdraw its IPO and it might be the fate for this IPO too!

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