Stock markets in India have continued their momentum and are presently trading on a positive note. All sectoral indices are trading on a mixed note with stocks in the auto sector and IT sector witnessing maximum buying interest.
The BSE Sensex is trading up 344 points (up 1%) and the NSE Nifty is trading up 89 points (up 0.8%). The BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading flat. The rupee is trading at 63.53 to the US dollar.
In the news from the IPO space, Newgen Software Technologies made a decent debut on bourses today. The scrip of the company, which recently concluded its IPO subscription offer, got listed at Rs 253, a premium of around 3% over its issue price of Rs 245.
Newgen Software Technologies is a software products company that offers a platform enabling organizations to rapidly develop powerful applications addressing their strategic business needs. Its platform comprises of Enterprise Content Management (ECM), Business Process Management (BPM) and Customer Communication Management (CCM).
Some of the key active customers of the company include Trust Company of America, Mercantile Bank, ICICI Bank, Trafigura, Bajaj Electricals, United Arab Bank, National Commercial Bank Jamaica, Axis Bank, Yes Bank, Kotak Mahindra Bank, Bank Islam Brunei Darussalam, Philippines Resource Saving Bank, ICICI Prudential Life Insurance, Reliance General Insurance, Max Life Insurance, Strides Shasun and Shriram Transport Finance. Repeat customers accounted for 81.5% of its H1FY18 revenues.
To know more about the company, you can read our IPO analysis of Newgen Software Technologies Ltd (subscription required).
At the time of writing, Newgen Software Technologies share price was trading at Rs 257.
Speaking of IPOs, the demand for IPO’s has reached sky-high levels. Avenue Supermarts was seen as the first company last year to cross the 100-time subscription mark swiftly followed by CDSL and Dixon technologies, among others.
