The shares will list on both BSE and NSE. The objectives of the IPO for the Company are to purchase and furnish office premises near Noida-Greater Noida Expressway, Uttar Pradesh and general corporate purposes. "In terms of valuations, the pre-issue P/E works out to 274x its 1HFY2018 annualized earnings (at the upper end of the issue price band), which is higher compared to its peers like Intellect Design Arena (trading at PE 143x – 1HFY2018 annualized earnings). Further last four years historical financial records and 1HFY18 doesn't provides confidence. Hence, we recommend Neutral rating on the issue," noted Angel Broking. Founded in 1992, Newgen Software Technologies Limited (NSTL) is a New Delhi based IT company and a provider of Business Process Management (BPM), Enterprise Content Management (ECM), Customer Communication Management (CCM), Document Management System (DMS), Workflow and Process Automation.