GSS America Infotech Soars 25% On Listing Day
The shares of Hyderabad-based IT solution provider GSS America Infotech, on Friday, ended at Rs 500.80 on the National Stock Exchange (NSE), with 25.16% premium over the issue price of Rs 400.
The scrip has touched a high of Rs 540 and low of Rs 370. The total volume of the shares traded in the NSE counter stood at 1,06,21,014.
The stock marked its closure at Rs 500.65 after touching an intraday high of Rs 508 and a low of Rs 400 on the BSE. Around 1,39,80,284 shares has been traded so far.
Presently, the company is operating in India from its two global delivery centers in India, one at Jubilee Hills, Hyderabad and second at Hitech City, Madhapur, Hyderabad. Further, GSS also has two GDCs in Chicago, US.
The company proposes to utilize the net proceeds of the issue for setting up of state of the art global delivery centre (GDC) at Hyderabad with 1,000 seater capacity, setting up overseas offices, meeting working capital requirement and for acquisitions. It also plans to acquire and establish facilities in Europe, Middle East and Far East. It has already acquired office space at Dubai Internet City in Dubai, United Arab Emirates. It also intends to utilize funds for acquisitions.
GSS America provides IT Consulting, IT Solutions in e-business, IT Infrastructure Management Services and Enterprise Integration Application. Its existing operations can be classified into two regions including Enterprises Application Integration, (EAI) Infrastructure Management and Managed Services (IM/MS).
Its customers list includes major Fortune 1000 companies such as Ernst & Young, Blue Cross Blue Shield of NC, BMC Software, Thomson, WR Grace & Co, TDS Telecom, Pepsi Co, etc.