Take Solutions IPO gets fully subscribed

MUMBAI: Initial public offer of life sciences and supply chain management solutions firm, Take Solutions got fully subscribed on Thursday..

As per the data available on the bourses, the IPO has received bids for 24.71 lakh shares against the 21 lakh shares on offer on its second day.

The portion reserved for Qualified Institutional Buyers (QIBs) got fully subscribed on the first day itself.

The price for the IPO has been fixed between Rs 675 and Rs 730 per share.

Through the IPO, which opened on Aug 1 and closes on August 7, Take Solutions expects to raise between Rs 141.75 crore at the lower end of the price band and Rs 153.30 crore at its upper end.

The company would use the proceeds of the IPO for repayment of loans, product development and to build a war chest for mergers and acquisitions.

Take Solutions had recently acquired two US-based firms, OnSphere Corporation and Applied Clinical Intelligence LLC (ACI), for a cash consideration of 2.75 million dollars and 2.4 million dollars respectively.

The company had also made a pre-IPO placement of 9 lakh equity shares to Galleon International Master Fund SPC and Passport India Investments (Mauritius). It has hired Edelweiss Capital Ltd as its lead manager