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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: TraderTerry who wrote (8691)	10/20/1999 8:51:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

Thanks Terry,with the AOL earnings and everything I am thinking a little pop may be in the offing for the tech stocks tomorrow,particularly the internets but who knows,we shall see.

To: TraderTerry who wrote (8691)	10/22/1999 1:43:00 AM
From: Mohan Marette	Respond to of 12475

Rediff to take IPO decision in three weeks time Terry: Keep an eye on these boys if you are interested. ========================== rediff.com Rediff On The Net, the country's leading on-line publication and internet services company, will take a final decision on going public in the next three weeks, Rediff EY&R chairman and managing director Diwan Arun Nanda said today. "A final decision on whether to go for Nasdaq listing or make an initial public offer in the domestic market will be taken during the next three weeks," Nanda told reporters here. He said a number of US-based investment banks were in touch with the company and added that funds raised through the IPO would be used for development of its internet services. "A big internet service provider needs huge investments and this can be easily met by offloading part of the equity to the public," Nanda said. He, however, refused to divulge details about the extent of equity offering, but said it would not be less than what ISP Satyam recently raised from American market. India's second largest internet service provider, Satyam Infoway Ltd, was listed on the US stock market Nasdaq early this week with its US dollar 75 million ADR issue oversubscribing by 27 times. Founder and CEO OF Rediff, Ajit Balakrishnan had earlier told PTI that the company would prefer to list its shares in Indian stock markets after a Nasdaq listing. The IPO at Nasdaq, Balakrishnan had indicated would be through dilution of the promoters holding from the current 62 per cent to 45 per cent. Current Sebi regulations providing for three year dividend track record for companies before offering the shares to the domestic investors was likely to prove to be a hindrance for the company in case of an Indian listing, he said. Acquisition of some US companies is also on top of Rediff's agenda to enable the company move up the value chain. According to Balakrishnan, Rediff is keen to buy out various sites that include shopping, music and health sites. Rediff, the most sought on-line update by NRIs and Indian community, is in the process of launching specific packages to address vast netizen community of Singapore, Middle East and South Africa in tune with the recently launched Rediff, USA. While the promoters hold 62 per cent stake in Rediff, Intel Corporation, Draper and Warburg Pincus are holding 33 per cent. Rediff employees hold Five per cent of the equity. Source : MI Oct 22, 1999