Logix Microsystems IPO oversubscribed

BANGALORE: Logix Microsystems Ltd. has announced that the company’s maiden public offer of 13 lakh equity shares of Rs 10 each for cash at premium of Rs 10 per share aggregating Rs 2.6 crore, was oversubscribed. The issue opened on October 25, 1999 and closed on October 28, 1999 and was oversubscribed 88 times attaining a record high.

"Today, we are glad to see ourselves as one of the few Indian companies in the Turnkey Implementation of ERP and CRM Projects," said Logix managing director Sanjay Soni. Logix has chalked out an expansion plan with an outlay of Rs 6 crore, being funded by an issue of 30 lakh equity shares of Rs 10 each at a premium of Rs 10 per share. Of which, 17 lakh equity shares have been placed on private placement— with FIIs, OCBs and associates and the balance 13 lakh equity shares were offered to the Indian public through IPO. The company’s expansion program is on schedule and is expected to complete by March 2000.

Objectives of the issue are to set up offices in USA and Middle East, to set up Internet-based Training Division for development of Internet and Intranet Training products in the ERP segment, besides increasing capacity of existing Offshore Software Development Centre (OSDC) at Bangalore and pre-payment of long term debts.