Thinksoft Global to enter the primary market on September 22

Chennai-based Thinksoft Global Services is set to tap the primary market with its initial public offer of 36.46 lakh equity shares in the price band of Rs 120.130 per share. The 10% book built offer will close on September 24, 2009.

The issue would constitute 36.27% of the post issue paid-up capital of the company. The IPO consists of a fresh issue of 1350 lakh equity shares and an offer for sale of 22.96 lakh shares by Euro Indo Investments and Vinod Ganjoor.

Of the issue on offer, 50% has been earmarked for Qualified Institutional Buyers (QIB), including the 5% to mutual funds, 15% has been allocated for non-institutional bidders and the remaining 35% for retail investors.

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.

The IPO proceeds would be used for establishing a new testing centre, to meet issue expenses and to get the shares listed on stock exchanges.

The shares of the company will be listed on NSE and BSE.