The Karnataka-based Thinksoft Global Services Limited has extended the closing date of IPO till October 1, 2009, revising offer band price to between Rs 115 and Rs 125, against its earlier band of Rs 120-130. The company did not divulge any specific reason for the development, but reports claims that the move is led by poor response to the IPO, which was, as per reports, subscribed just 62 per cent.

The official spokesperson for the company said that its board weighed various options before revising the date and price band for the Initial Public Offer.

Thinksoft has hit the capital market in a bid to generate capital up to Rs 47.39 crore by issuing 36.46 lakh equity shares to the retail investors and qualified institutional buyers. The firm received 2.25 million bids, including 1.57 million bids received at cut off price.

Thinksoft Global Services, which is a banking, financial services and insurance-focused software testing enterprise, issued a fresh issue of 1.35 million equity shares besides 2.30 million equity shares by Euro Indo Investments (EII) to its shareholder Vinod Ganjoor. The entire fund raising process was supported by Karvy Investor Services and Karvy Computershare (P).