IPO News- Software outfit Solaris to go public in July.
polaris.co.in Software plans July IPO
Software developer Polaris Software Labs plans to go public in July, offering over 43 lakh shares at a premium ranging between Rs 175 and Rs 210 to mop up Rs 70 crore, a top company official said.
"We are keeping a price band between Rs 185-220 per share in view of the high volatility in stock markets of late and the exact price would be fixed once the issue date approaches as advised by our investment bankers," Chairman Arun Jain said.
Polaris proposes to issue 35 lakh new shares and will offload 8.53 lakh shares from promoters' stake, if Securities and Exchange Board of India (SEBI) sticks to the norm of insisting on a minimum 25 percent of paid-up capital for a listing, he said.
''We 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 percent annually over five years,'' Jain said.
The company, which has targeted a Rs145-crore turnover in the current fiscal 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 centre,'' Jain said.
(Courtesy:Hindustan Times via Cyber India)
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