IPO News-Kale Consultants floating public issue
Company Website:
kaleconsultants.com
Our Bureau
MUMBAI, Sept. 7
KALE Consultants Ltd, a software products company,
is entering the capital market with a public issue of 31,87,500 equity shares of Rs. 10 each, for cash at a premium of Rs. 110 per share aggregating Rs. 38.25 crores.
The issue opens for subscription on September 17 and closes on September 23. The amount payable on application is Rs. 40 per share and the balance is payable on allotment.
The shares will be listed on the Mumbai and Pune Stock Exchanges.
The company develops software products for service sectors such as airlines, banks, financial services and healthcare. The company recently launched a product, WinBank, a shrink-wrapped support-free software product for retail branch automation and plans to launch a product, FareGain, for the airlines sector, according to Mr. Vipul Jain, Managing Director, Kale Consultants.
Addressing a press conference to announce the company's public issue, Mr. Jain said Kale Consultants planned to acquire strategic businesses to complement its product portfolio and increase its consumer base.
``We have allocated Rs. 10-15 crores for strategic acquisitions and intend to acquire overseas businesses that help catalyse growth,' Mr. Jain said.
``The company is also looking at expanding its portfolio to Intranet/Internet applications, hosting and delivery service mechanisms. We also intend to increase our market penetration,' Mr. Jain said.
The company has witnessed a compounded annual growth rate of over 55 per cent in the last five years. The company has a marketing alliance with Speedwing (a division of British Airways Plc) and a processing alliance with ADP-GSI, value services partnership with Oracle and is a Microsoft Certified Solutions Provider for the financial sector, Mr. Jain said.
Mr. Hemendra Kothari, Chairman, DSP Merrill Lynch, Mr. Narendra H. Kale, Chairman, Kale Consultants Ltd, and Mr. Devdatt Shah, MD, ICICI Securities, at a press conference held in Mumbai on Tuesday.
Paul Noronha (BusinessLine) |
