India's Polaris Software Plans $21 Million Share Sale
Ratan:
Here is a bit more information on Polaris IPO
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Bloomberg News
July 20, 1999, 5:12 a.m. PT
India's Polaris Software Plans $21 Million Share Sale
polaris.co.in
Mumbai, July 20 (Bloomberg) -- Polaris Software Lab Ltd., an Indian software programming company, plans to sell 920 million rupees ($21 million) in stock in the largest ever initial public offering by a local software company.
Polaris Software will sell 4.37 million shares for 210 rupees each. Kotak Mahindra Capital Co. will lead manage the sale.
''We are raising the funds to fund our three upcoming software development centers and the setting up of five international offices,'' said Arun Jain, chairman and managing director of Polaris.
He said the company would like to list its shares in the United States as well in the next two years.
''The current issue takes care of our fund requirements for the next eighteen months,'' after which the company might consider selling shares in the United States, Jain said.
The company's profits more than tripled to 147 million rupees in the year ended March, as its sales rose 94 percent to 605 million rupees.
Jain said its profits will this year reach 250 million rupees as sales rise to 1.15 billion rupees.
Citicorp Private Equity Fund, a fund connected to U.S.-based Citigroup Inc., owns 18 percent of the company. |
