Representational imageIBT Raghavendra N

Newgen Software Technologies is all set to go public. The IT company will launch its initial public offer (IPO) on January 16 and has fixed a price band of Rs 240-245 per share. The IPO is scheduled to close on January 18.

Newgen 's IPO — an effort to raise about Rs 424 crore — comprises fresh issue of up to Rs 95 crore by the company and an offer for sale by the selling shareholders. The offer for sale consists of up to 1,34,53,932 shares, PTI reported, quoting the company statement.

ICICI Securities and Jefferies India are the global co-ordinators and book-running lead managers for the offer. IDFC Bank is also a book-running lead manager to the offer. The shares of Newgen Software Technologies are proposed to be listed on both NSE and BSE.

Newgen Software Technologies was established in 1992 and is headquartered in New Delhi. The firm deals in business process management software for banks, business process outsourcing firms, government organisations and sells products across 60 countries. It has overseas offices in the US, Canada, Singapore, the United Kingdom and Dubai.

Like last year, many firms are awaiting approval from the Securities and Exchange Board of India (SEBI) to float IPOs. Many more filings are expected in the near future.