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Monday, March 10, 2008

Persistent Systems defers IPO

Persistent Systems, one of the leading outsourced software product development specialists, has decided to defer its proposed initial public offering (IPO) due to the prevailing poor market sentiments and adverse developments in the financial markets in India and abroad.

The company had earlier filed its draft red herring prospectus (DRHP) with SEBI. The deferment of the IPO will not hamper the company’s financial and capital growth plans in any way.

Enam Securities Private Limited, Morgan Stanley India Company Private Limited and JM Financial Consultants Private Limited were the book running lead managers for the IPO.


At 4:17 PM, Anonymous Anonymous said...

If the company is as great a performer as it claims and valued itself in the band of Rs1200 crore to Rs1500 crores market cap, this kind of retreat is not expected. It will definitely leave serious doubts in future investors minds.

At 4:20 PM, Anonymous Anonymous said...

Why such a step? All the IT sector is doing badly for last several months. In fact there is some recovery and the Rupee has weakened. So this postponement is not a good indication. The price it fetched after 6 months will be the same

At 5:55 PM, Anonymous Anonymous said...

This shows lack of confidence in abilities


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