Ref:Polaris Software Ltd IPO.
Polaris Web site: polaris.co.in
Nandu:
This just in from my contact back home:
Polaris Software's IPO opens on August 4th, 1999 at Rs.210 per share in case you are interested.
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POLARIS RS.70CR, IPO SCHEDULED FOR JULY
Business Standard – 11th May 1999
Software Developer Polaris Software Labs plans to go public in July, offering over 43 lakh shares to mobilize Rs.70 crore at a premium of Rs.175-210, a company official said here yesterday. We are keeping a price band of Rs.185-220 per share in view of the high volatility at the bourses and the exact price would be fixed as per our investment banker's advise at the time of the issue, Arun Jain, Chairman, Polaris Software said.
Polaris proposes to issue 35 lakh new shares and will offload 8.53 lakh shares from the promoters' stake, if the Securities and Exchange Board of India (SEBI) sticks tot he norm of insisting on a minimum 25 per cent of public holding for a listing, he said. We have requested SEBI to waive this norm, as the issue of 35 lakh shares would fetch us enough funds. Anyway, no promoter likes to dilute his stake in a company that has grown at 80 per cent annually over five years, Jain said.
The company, which has targeted a Rs.145 crore turnover in the current fiscal year from Rs.84 crore in 1998-99, plans to invest the proceeds from its initial public offering (IPO) developing new infrastructure, he said. We are already developing a software center in Chennai at a cost of Rs.20 crore and another would follow at Noida in Uttar Pradesh soon. By year – end we propose one more facility at a southern center, Jain said.
Currently, the promoters including Chairman and Managing Director, Arun Jain, hold 76 per cent stake with Citibank Private Equity Fund having 18 per cent and the remaining 6 per cent with an employee trust called "Konark Trust". |
