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

To: Mohan Marette who wrote (10210)	12/22/1999 10:44:00 AM
From: Mohan Marette	Respond to of 12475

Deldot Systems' IPO by Feb 22-12-1999 17:19:38 IT firm Deldot Systems Ltd said today it will make an initial public offering (IPO) of shares by February. "Our IPO is scheduled for January-February 2000 and we are in the process of finalizing our issue managers," Deldot Chairman and Managing Director Chandrashekar told a news conference in Bangalore. "We plan to offer about 25% of our equity and expect to raise Rs130mn ($2.99mn) through 1.6mn shares," he said. A statement from the Bangalore-based company said Deldot offers solutions and services for technology integration and also develops computer software which accounts for 25% of its revenue. The company posted revenues of Rs250mn ($5.8 mil)and an after-tax profit of Rs19mn ($0.5 mil) in 1998/99 (April-March). Revenue for 1999/2000 is projected to grow to Rs330mn ($7.6 mil) and after-tax profit to Rs45mn ($1.05 mil). Chandrashekar said Deldot planned to list on the Bombay Stock Exchange, the National Stock Exchange and the Bangalore Stock Exchange. Chandrashekar said the firm has also opened a subsidiary in Detroit, in the United States, to market and support its software products and services in the global market. "We plan to invest $1.2mn in the company in the next 12 months and about $500,000 of this will come from the public issue," he said. "The rest will come from internal accruals." Source: Reuters