10 Feb 2009 EdServ Softsystems IPO subscribed 1.30 times

Initial public offer (IPO) of EdServ Softsystems, a web-learning, IT consulting and resource deployment company has been subscribed about 1.30 times as against 39, 73,908 shares offered. The qualified institutional portion was subscribed by 1.08 times while non- institutional investor`s portion received a response of 3.10 times and the retail portion was subscribed 1.0 times

The IPO which opened on Feb. 05, 2009 and closed on Feb. 09, 2009 was priced at a band of Rs 55-60 at a face value of Rs 10 a share through the book-building route.

The company would be listed on The Bombay Stock Exchange (BSE) and The National Stock Exchange (NSE).

The issue is lead managed by Keynote Corporate Services and co-lead managed by Ashika Capital. The registrar to the issue is Karvy Computershare (P).

The proceeds of the issue would be utilized mainly for establishing the HEAL Lab to develop, test, install, connect and implement the D2J (Degree to Job) content across all HEADS Offices. It will also finance the cost for establishing HEADS Offices across India. Another object of EdServ would be to finance the cost for developing and implementing the copyrighted centralized LAMPS Portal Engine. EdServ will establish 200 Partner-led EdCenters under BMC model across India and South Asia.

Chennai based EdServ Softsystems provides integrated learning and placement solutions, customized software solutions and placement consulting to clients in the field of IT and non-IT verticals. The company has three business units, namely ELMAQ (IT Training), EdServ (HEADS) and Lambent (Software Development).