On Wednesday, the scrip was not traded, but there were only buyers in the counter in the Orissa bourse. Interestingly, during the Sankhya Infotech IPO, even the application forms were being sold at premiums, going as high as Rs 50 per form. And the Rs 1.67 crore IPO from this Bhubaneswar-based company was oversubscribed more than 300 times. The issue, lead-managed by Canbank merchant banking division, was open between March 23 and 27.

According to a Bhubaneswar bourse official, there were only four allottees in the company from in-and-around Bhubaneswar and Cuttak. And all are in the physical form. ``We are waiting for the company to get listed on other stock exchanges,'' said the official.

As per the offer document, the Sankhya scrip was scheduled to be listed on the Bhubaneswar (regional) and Hyderabad stock exchanges. The company's Rs 1.67 crore maiden public offer was aimed at part financing its Rs 8.75 crore project cost. The company intends to expand its existing infrastructural facilites at Hyderabad and set up new facilites at Bangalore, Bhubaneswar and Vishakhapatnam. It also plans to set up overseas offices at the US and in France. In Sankhya's pre-issue equity capital of Rs 10 crore, NH Securities was holding a 7.55 per cent stake. Classic Credit and Foray Fin-Expo each were holding 7.49 per cent stake while Panther Fin-Cap had a 6.29 per cent stake. Between June 1999 and January 2000 30.7 lakh shares of the company were allotted to promoters, employees, friends and associates of the company. The promoters of the company hold around 29 per cent stake in the post-issue equity of Sankhya.

This three year-old company is a pioneer in the field of software development for the aviation industry, particularly for flight tarining software and simulation technology. The company had an order from Airbus Industries for development of flight training software through remote access.