IT firm Newgen Software Technologies was subscribed 19 percent on its first day of its listing at Initial Public Offering (IPO) today.

National Stock Exchange's (NSE) data showed that the company received bids for 23.16 lakh shares against the total issue size of over 1.22 crore scrips, registering a subscription of 19 percent, of the Rs 425 crore that it aims at.

It raised over Rs 127 crore from anchor investors on Monday. The initial share-sale of Newgen Software's will be open for public subscription until January 18.

The IPO comprises of fresh issue of shares worth up to Rs 95 crore by the company and an offer for sale of 13,453,932 equity shares by the existing shareholders.

The price band is fixed at Rs 240-245 per share, and the public issue would fetch Rs 425 crore at the upper end.

Newgen is a software product company offering a platform that enables organizations to develop applications addressing their strategic business needs.

Inputs from PTI