The initial public offer of Edserv Softsystems (ESL), a web-learning, IT consulting and resource deployment company, saw poor response on day one. The issue got bids for just 2100 shares (as at 16:00 IST). The issue closes on 9 February 2009.

The company came with an initial public offering of 39.7 lakh equity shares of Rs 10 each in the price band of Rs 55 - Rs 60. The company plans to raise between Rs 23.8 crore and Rs 21.8 crore through the issue. Post issue, the founder's stake would come down to 29.5% from 44.06%. The shares are proposed to be listed on the BSE and NSE.

Incorporated in 2001, Chennai-based Edserv provides integrated learning and placement solutions, customized software solutions and placement consulting to clients in the field of IT and non-IT verticals.

For the year ended on March 2008, the company posted net sales of Rs 3.94 crore with a net profit of Rs 2.53 cores.

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