Aptech stays the course

Indian computer training and software company Aptech has completed its first overseas share sale and taken a realistic view of what was achievable in the circumstances.

The combined impact of global volatility in the tech sector, sharp drops on India's stock exchanges and the poor secondary market performance of virtually all Indian overseas share sales this year formed an unenviable backdrop to the pricing of Aptech's first international share sale in San Fransisco this Monday.

Since the Indian computer training and software company was also raising funds in anticipation of a forthcoming acquisition opportunity, postponement was not an option that it countenanced lightly. Under the lead management of bookrunner Morgan Stanley Dean Witter, it consequently took a highly pragmatic of market circumstances, bowing to investors' desire for a significant...

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