The initial public offering (IPO) of Pune based software product development company Persistent Systems has opened for subscription today.

Background:

It is one of the market leaders in outsourced software product development services. It is an OPD specialty company, offering customers the benefits of offshore delivery. It designs, develops and maintains software systems and solutions, create new applications and enhance the functionality of customers‘existing software products. Persistent Systems won the 2008 NASSCOM Innovation Award and recognized as one of the leading technology companies in the Deloitte Touche Tohmatsu Technology Fast 500 Asia Pacific 2009

Objective:

The objects of the issue are to establish development facilities; capitalise subsidiaries for establishing development facilities and meeting fit outs and interior design costs; procure hardware and fund expenditure for general corporate purposes

CRISIL Grade:

CRISIL has assigned an IPO Grade 4 to Persistent Systems Ltd IPO. This means as per CRISIL, company has above average fundamentals.

Financial Situation:

Issue Detail:

· Issue Open: Mar 17, 2010 - Mar 19, 2010

· Issue Size: 5,419,706 Equity Shares of Rs. 10

· Issue Price: Rs. 290 - Rs. 310 Per Equity Share

· Face Value: Rs. 10 Per Equity Share

· Market Lot: 20 Shares

The book running lead managers to the issue are Enam Securities Private Limited and JP Morgan India Private Limited. Link Intime India Private Limited is the registrar.

Conclusion: A must subscribe with short-medium & long term view.