Thinksoft Global extends closing of IPO on account of tepid response

Chennai-based Thinksoft Global Services, which launched its initial public offer of 36.46 lakh equity shares on September 22, 2009, has decided to extend the closing date for the same to October 1 from September 24, 2009, on the back of a tepid response from investors.

This apart, the company has lowered the price band of the offer to Rs 115-125 per share from Rs 120-130 earlier.

The issue received bids for 22,53,750 as at 5:15 pm on Thursday, as against the offering of 36.46 lakh shares, or 0.62 times the issue size. Total bids received at cut-off price were 15,68,550, as per NSE data.

The company plans to use the IPO proceeds for establishing a new testing centre, to meet issue expenses and to get the shares listed on stock exchanges.

Thinksoft Global is primarily engaged in software testing services focusing on banking, financial and insurance services industry. The company has established a global presence in New York, London, Frankfurt, Singapore, Hong Kong, Brussels, Sydney, Bangalore and Chennai through its wholly owned subsidiaries and branch offices.