Software firm Thinksoft Global Services' initial public offer (IPO) was subscribed 0.63 times as at 16:00 IST, the National Stock Exchange (NSE) data showed. The company got bids for 23.02 lakh shares as against 36.46 lakh shares on offer.

Thinksoft Global Services extended the closing date of the IPO to 1 October 2009 from the earlier 24 September 2009 as the issue failed to garner sufficient subscription. Also the company lowered its price band for its initial public offer (IPO) to Rs 115-125 per share from the earlier price band of Rs 120-130 per share.

The company came with a public offer of 36.46 lakh shares and plans to raise Rs 47.39 crore through an IPO which opened on 22 September 2009.

The IPO will consist of a fresh issue of 13.5 lakh shares and an offer for sale of 22.96 lakh shares by Gibraltar-based fund, Euro Indo Investments. Euro Indo will sell 90% of its stake in Thinksoft and the remaining 10% will remain locked in for a year.

This issue has been graded by rating agency ICRA as 'ICRA IPO Grade 2', indicating below average fundamentals.

The Chennai-based Thinksoft Global Services is a financial software testing company. The company plans to set up a Rs 16-crore facility at the Madras Export Processing Zone in Chennai. The proposed 400-seat facility, to be funded with the IPO proceeds, would involve Rs 13.7 crore for infrastructure development and Rs 1.66 crore for equipment.

The expansion of the unit would help the company expand to newer markets apart from its base of Europe, which accounts for 60% of its revenue.