Newgen IPO subscribed 19% on Day 1

MUMBAI: The ₹424.6-crore initial public offering (IPO) of software products maker Newgen Software Technologies Ltd received demand for 19% of the shares on offer on the first day of the sale on Tuesday. According to data from stock exchanges, as of 5pm, the portion of shares reserved for retail investors in the IPO was subscribed 32%. Those set aside for institutional and non-institutional investors were subscribed 1% and 0.5%, respectively. Newgen has set a price band of ₹240-245 per share for the IPO. The offer will close on January 18.