IT solutions provider Thinksoft Global Services has fixed the issue price of its initial

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public offer (IPO) at Rs 125 a share.

The issue price is 12.5 times of the face value, Thinksoft Global Services said in a public announcement.

The Chennai-based firm has raised Rs 45.57 crore through the initial share sale of 36.46 lakh equities at the upper end of the price band of Rs 115-125 a piece.

The share sale witnessed a revision in the issue price as well extension of the closing date after the IPO received lukewarm response from investors.

The price band, which was initially fixed at Rs 120-130 per share, was later revised to Rs 115-125 a share.

The offer was subscribed over two times on the final day on October 1. The company intends to use the IPO proceeds to fund its expansion plans.

Equity shares offered through the issue are proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). Karvy Investor Services was the lead book manager to the issue.