IT People’s Follow On Public Offer FAILS

IT People’s follow-on public issue (FPO) was to raise Rs 42.25 crore. The FPO, scheduled to close on 31 August 2007, had a price band of Rs 30 to Rs 32 per share. The FPO was subscribed a mere 0.30 times till 30 August 2007.

The company said it would refund the entire amount received via applications.

At the current price of Rs 31.55, the scrip trades at a PE multiple of 38.47, based on Q1 June 2007 annualised EPS of Rs 0.82.