Edserv Softsystems to brave IPO market

MUMBAI: After a long lull, Edserv Softsystems Ltd is set to tap the primary market. This at a time when Gemini Engi-Fab Ltd, whose IPO was to open on Feb 3, has cancelled the issue due to bleak economic outlook and directionless secondary market.

Edserv���s initial public offering of Rs 39.7 lakh equity shares opens on Thursday. The company has fixed a price band of Rs 55-60 per share of face value Rs 10 The issue closes on February 9.

The company plans raise around Rs 20 crore from the float, to expand humanware education & deployment system business up to 200 centers. The issue has received poor grading from rating agency CARE.