Persistent Systems Limited had tapped the capital markets with an IPO which opened on Wednesday the 17th of March and closed on Friday the 19th of March. The price band was between Rs 290-310. The issue was for 54.19 lac shares received subscription for 5073.05 lac shares, a little over 93 times.
This is the fourth issue in recent times after ARSS, Man Infra and DQ Entertainment which has received this kind of resounding success.
Details of the subscription
| Category | Shares offered | Shares Bid | Subscription Ratio |
| QIB | 2926638 | 422687360 | 144.42.76 |
| NII | 487773 | 52549140 | 107.7328 |
| Retail | 1463319 | 31737820 | 21.6889 |
| Employee | 541976 | 330380 | 0.6096 |
| TOTAL | 5419706 | 507304700 | 93.60 |
The key takeaway from this issue and the success of the previous issues which at best could be described as mid size issues is the pricing. The pricing gives belief that there is money on the table and this brings about a disproportionate rise in subscription, resulting into such huge numbers across categories of investors. One hopes others who are in the pipeline follow suit.
