Tuesday, September 13, 2011

Taksheel Solutions IPO

Taksheel Solutions Ltd (TSL), a Hyderabad based Information Technology company has come out with an IPO of 5.5 million shares and plans to raise up to Rs 800 million (Rs 80 crore). The company offers IT products and services to financial services and telecom companies.

Taksheel Solutions IPO shall open on 29 September and shall close on 4 October 2011. The company has fixed a price band of Rs 130 to Rs 150 per share.

Taksheel Solutions intends to use proceeds of the IPO to set up two software development centers, acquisitions and other corporate purposes. The company plans to use up to Rs 220 million (Rs 22 crore) from the proceeds for acquiring firms in a similar line of business.

PNB Investment Services, a unit of Punjab National Bank, is the book running lead manager. Bigshare Services Pvt Ltd is the registrar of the IPO. The IPO shall be listed on both BSE and NSE.

Recommendation:
CARE has assigned Grade 2 to the IPO indicating below average fundamentals. We would not recommend this IPO to investors for now.

Subscription:
Taksheel Solutions Ltd managed to get around 3 times subscription at the close of the IPO.

At the close of the IPO,
QII segment got subscribed by 0.24 times
NII segment got subscribed by 4.70 times
Retail segment got subscribed by 6.18 times

Allotment:
Click here to check Taksheel Solutions IPO Allotment status!

Listing:
Taksheel Solutions got listed on 19 October, 2011. It touched an intra-day low of Rs 39.10 and an intra-day high of Rs 184.30 as against issue price of Rs 150, before closing at a discount of 61% at Rs 58.15.