Mumbai-headquartered Excel Infoways initial public offer (IPO) finally ended on Friday, 17 July 2009 with subscription of 1.97 times, receiving bids for 1.11 crore shares as against 56.67 lakh shares on offer.

The IPO was subscribed 1.9 times, with retail investor's portion getting subscribed 2.64 times. The portion reserved for non-institutional investors was subscribed 5.30 times. The qualified institutional buyers (QIBs) portion was subscribed 0.48 times.

The price band of the issue, which opened on 14 July 2009, has been fixed at Rs 80-85 a share.

The issue will constitute 26.93% of the fully diluted post issue paid-up capital of the company, while the promoters holding will be 70.52% post the issue.

However, Credit rating agency CARE had assigned a 'CARE IPO Grade 1' to the IPO of Excel Infoways, which indicates poor fundamentals.

Excel Infoways, a business process outsourcing (BPO) and Customer contact centre and caters primarily to clients from telecommunication and financial sectors. The firm is registered member of NASSCOM.

The proceeds from the issue will be utilized in setting up new facilities and for strategic investment or joint ventures.

The equity shares are proposed to be listed on Bombay Stock Exchange of India (BSE) and National Stock Exchange (NSE).