Mascot (Indian subsidiary of iGate) proposes IPO through book-building
Our Bangalore Bureau
8 MARCH
MASCOT Systems, the Indian subsidiary of iGate Capital (formerly Mastech Corporation), on Wednesday said it has set in motion, its plan to go in for an initial public offering (IPO) through the book- building route.
The IPO will be used to part-finance proposed acquisitions and expand Mascot's global infrastructure. Mascot has set April as the time frame for the public offer. Kotak Mahindra has been appointed the sole book running lead manager.
Mr V Chandrasekaran, managing director, Mascot Systems, said 30,00,000 equity shares will be offered to the public, while a similar amount will be reserved for the employee stock option plan.
iGate will hold 80 per cent of Mascot's equity, he said. While the equity shares will have a face value of Rs 4 each, Mascot declined to indicate the price band it expects through the book building route or the approximate amount it seeks to mop-up through the IPO.
Scott Systems, the Pune-based training firm that also used to be a Mastech subsidiary, has been merged with Mascot, and the latter will provide training as a profit centre-activity.
"We intend to leverage our proprietary solutions suite for distributed delivery, SmartAPPS, to grow our business exponentially. SmartAPPs is a unique suite we have," he said.
Mr K S Ananthanarayanan, chief financial officer, Mascot Systems, said Mascot had revenues of Rs 230 crore ($50 million) in 1998-99 and expects to reach Rs 373 crore ($81 million) in 2000-2001 and Rs 710 crore in 2001-2002.
Mascot has been positioned as an offshore solutions provider for iGate and will capitalise on its parent company's global presence.
-Economic Times |
