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Strategies & Market Trends : India Coffee House

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To: Mohan Marette who wrote (10017)	12/12/1999 2:48:00 PM
From: Mohan Marette	Read Replies (1) of 12475

Goldman Sachs gets mandate for Rediff ADRs Denny Thomas MUMBAI 12 DECEMBER INTERNET portal Rediff On The Net has awarded the mandate for its forthcoming America Depository Receipts (ADRs) offering to international investment banker Goldman Sachs. The company www.rediff.com is planning to make its initial public offering (IPO) on the technology-weighted Nasdaq Stock Market by March 2000. According to investment banking sources, the company has been valued in the range of $125m to $150m. However, following the acquisition of IndiaWorld Communications by Satyam Computer, the company is likely to get better valuations, investment banking sources said. When contacted by ET, senior company officials refused to comment on the issue. ``We are unable to make any comment at this stage," he said. This will be the third round of fund raising which the company will undertake since its formation three years ago. At present, three leading private equity funds hold more than 30 per cent of Rediff's equity. Draper International was the first private equity fund to take a stake in the company and has been with the company since its inception. According to sources, Draper nearly paid $1m to acquire a 20 per cent stake in the company. In the second round of fund raising, the private equity arm of Intel Corporation is reported to have picked up another chunk though the exact quantity and amount is not known. The third private equity fund to pick up a stake in the company was Warburg Pincus. Warburg is reported to have picked up another 10 per cent stake in the company's equity at an estimated cost of $4m. Apart from the IPO, the company is looking at the possibility of placing some more part of its equity with a private equity fund. (ET)

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