The Chennai-based Think soft Global Services, a financial software testing company, is entering the capital market with an initial public offering of 36.46 lakh shares. The issue will open on September 22 and will close on September 24. The price band has been fixed at Rs 120-130 per share.
The IPO will consist of a fresh issue of 13.5 lakh fresh issue of equity shares and offer for sale of 22, 96,000 shares.
The company is promoted by Mr. Asvini Kumar; Ms Vanaja Anand and Mr. Mohan Parvatikar.The Company has consistent performance in the last 5 years both in terms of revenue generation, profitability and dividend payment.
The proposed activities are not appraised by any Bank/Financial Institutions. In fact there are no definite projects. It appears the main object of the issue is to provide an exit route to certain investors.
The company is Banking Financial Services and Insurance (BFSI) focused software testing enterprise. Highly competitive segment. Success depends on retention of key employees.
IPO GRADING: CARE has assigned grade 2 indicating below average fundamentals.
The issue is grossly over priced. AVOID SUBSRIPTION.
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