Chennai-based non-voice BPO service provider, Vishal Information Technologies will list its equity shares on the bourses on August 11, 2008. The IPO had received total bids for 33,28,760 equity shares as against the total issue size of 27,90,000 equity shares and was subscribed 1.19 times. The price band has been fixed at Rs 140 to Rs 150 per equity share of Rs 10 each. Credit Analysis and Research (CARE) had assigned "IPO Grade 3'' to the Issue. Vishal Information Technologies (Vishal IT), a company in the field of ITES/BPO services and a 51.5 per cent subsidiary of Tutis Information Technologies, provides IT-enabled services (ITeS) in the areas of data digitisation, e-publishing and digital library. The company proposes to utilize the net proceeds of the Issue to part finance the cost of the proposed expansion of the facilities in Chennai and the cost of setting up of Quality Assurance Center and Marketing office in Mumbai. VITL derives more than 98% of its revenue from overseas clients. So, the issue proceeds would also be utilized for setting up of subsidiaries in UK and USA. Keynote Corporate Services and IDBI Capital Market Services are the BRLMs for the Issue.