IPO Update: Persistent Systems IPO Sizzles,subscribes 93 Times

I feel like kicking myself for not applying to this one.Even when i was writing about the opening of Persistent IPO as part of the IPO Alert section, i had a gut feeling that this IPO is going to surprise the market.

Well, i did chronicle some of the reasons in the earlier post, but to be very frank,a record breaking oversubscription was something i never expected.Yes, indeed after a timid response on the first day, Persistent Systems has oversubscribed by 93 times.

It is also worth mentioning that with this sizzling performance, Persistent Systems IPO has managed record subscription in 26 months

The 54,19,706 equity shares IPO, which closes today, has received bids for nearly 50.5 crore shares

I can only wonder what a blockbuster opening Persistent Systems will have when it lists in the secondary markets.As for those who subscribed and managed to get allocations, there is a definite short term golden egg for you.

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