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05 Feb, 2009 EdServ Softsystems to brave IPO market

After a long lull, EdServ Softsystems Ltd is set to tap the primary market. This at a time when Gemini Engi-Fab Ltd, whose IPO was to open on Feb 3, has cancelled the issue due to bleak economic outlook and directionless secondary market.

EdServ's initial public offering of Rs 39.7 lakh equity shares opens on Thursday. The company has fixed a price band of Rs 55-60 per share of face value Rs 10 The issue closes on February 9.

The company plans raise around Rs 20 crore from the float, to expand humanware education & deployment system business up to 200 centers. The issue has received poor grading from rating agency CARE.

(C) 2009 EdServ Softsystems Limited, Chennai, India.