GSS IPO fully subscribed

HYDERABAD, INDIA: GSS America, a provider of IT solutions, which entered the capital markets on February 11, said its IPO is subscribed 1.08 times at 5.30 p.m. today, according to data available with the National Stock Exchange.

The company has come with a public issue of 34,97,95 equity shares of Rs 10 each through 100 per cent book building process in the price band of Rs 400 to Rs 440.

The net issue to public constitutes 25.11 per cent of the post issue paid up capital of the company.

The company proposes to utilize the proceeds for setting up of a Global Delivery Center (GDC) in Hyderabad with 1000 seater capacity, setting up overseas offices, meeting working capital requirement and for acquisitions.

Presently the company is operating in India from its two GDCs in India, one at Jubilee Hills, Hyderabad and second at Hi-tech City, Madhapur, Hyderabad.

Further, GSS also has two GDCs in Chicago, US. GSS America also plans to acquire/establish facilities in Europe, Middle East and Far East.

Initially, these facilities will look after the implementation and support functions for the products and eventually they will be independently looking after the marketing functions of the company in their respective regions.

The company has already acquired office space at Dubai Internet City in Dubai, UAE. It also intends to utilize funds for acquisitions.