Investors were relieved to see the secondary market bounce back, and the sentiment also showed in the primary market. The initial public offering of GSS America was subscribed 0.99 times until 5 pm Thursday, as per the NSE website.
The issue of 34.97 lakh shares received 3.46 lakh bids. Around 9,360 bids were received at the cut off price. The price band was fixed at Rs 400-440 per share.
GSS America will utilise the proceeds to fund its new delivery centre in Hyderabad and set up overseas offices.
The shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange of India.
