Newgen Software Technologies IPO to open on Jan 16

Newgen Software Technologies will launch its initial public offering (IPO) on January 16 as it looks to raise over ~4 billion from the market. The company has fixed a price band of ~240-245 per share. "The IPO comprises fresh issue of up to ~950 million by the company. Besides, existing shareholders — SAP, IDG Ventures and Accent Capital — will exit post the IPO. They will get about ~3.25 million," Newgen Software Technologies Managing Director Diwakar Nigam said in New Delhi. He added that the offer for sale consists of up to 13,453,932 shares, which will open on January 16 and close on January 18.