eClerx Services, which provides data analytics and customised process solutions to global enterprise clients from its offshore delivery centres in India, is open for subscription with an initial public offering (IPO) of equity shares of Rs 10 each for cash, at a price to be decided through a 100% book building process and aggregating to Rs 1,010 million.
The issue will close on December 7, 2007. The price band is between Rs 270 and Rs 315 per Equity Share.
The issue comprises a fresh issue of equity shares and an offer for sale by Mr P D Mundhra, Mr. Anjan Malik and Burwood Ventures Limited (being the existing shareholders of the company) of 890,000 equity shares. The equity shares are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange.
The proceeds of the issue will be used, inter alia, to fund acquisitions; make infrastructure investments; set up additional facilities and avail of listing benefits.
The Company's portfolio of services comprises data analytics, operations management, data audits, metrics management and reporting services.
The company's unconsolidated revenues grew to Rs 862.3 million in Fiscal 2007 from Rs 477.5 million in fiscal 2006 and Rs 266.4 million in Fiscal 2005, growing at a compound annual growth rate of 79.9% over 2005-2007. The company's unconsolidated profit after tax grew to Rs 405.2 million in fiscal 2007 from Rs 240.4 million in fiscal 2006 and Rs 112.2 million in Fiscal 2005. For the six months ended September 30, 2007, its unconsolidated revenues were Rs 514.4 million while the profit after tax was Rs 164.7 million. For the six months ended September 30, 2007, the consolidated revenues were Rs 526.6 million and the net profit was Rs 169. 5 million.
The book running lead managers to the issue are JM Financial Consultants Private Limited and Edelweiss Capital Limited.
Source: Moneycontrol.com
Tuesday, December 4, 2007
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