Infonet IT Solutions drafts for 60 Crore IPO

by khalid on 30/09/2011 · 1 comment

Infonet IT Solutions has filed for draft red herring prospectus (DRHP) with Securities Exchange Board of India to raise Rupees 60 Crore from the primary market. The rupees 60 crore Initial Public offer (IPO) will help them to expand their business.  The company may also raise upto rupees 20 Cr or a maximum of 2500000 equity shares through pre-IPO placement offer.

Infonet provides IT solutions in the field of consultancy and designing, switching, routing, structured cabling, optical fibre services, wireless network, network auditing, video conferencing, servers, security,storage, UPS (uninterrupted power supply),  voice over internet protocol telephony, MLLN (managed leased line network) technology, facility management services and physical security etc.

The company will use the issue proceed for to renovate and set up a network operating centre at Indira Nagar in Bangalore, to set up a regional office at Bangalore, expand its existing business division, to establish overseas offices, for training & OEM certification programs & also for working capital as well for any potential acquisition.

The promoter of Infonet IT Solutions, Praveen Valiya Parampath and Joson Thomas hold 46.63 percent stake each. For FY 2010-11 the company has posted a total income of rupees 35.86 Cr with a profit after tax (PAT) of Rupees 3.95 Cr. To manage its public issue Chartered Capital and Investment Ltd has been appointed as the BRLMs (book running lead manager).

“Bell the bull says: Be careful while you are investing in IPOs as this year has not been good for the IPO.”

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