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I-flex files for IPO

22 March 2002  |  2870 views  |  0 I-flex files for IPO

Indian financial software house i-flex solutions has filed a registration statement with the Securities & Exchange Board of India for a proposed initial public offering of its equity shares.

The company is opting for the 100% book building method to arrive at a fair value of its equity shares. The IPO will comprise two components - a fresh issue of equity shares and offer for sale by its existing shareholders.

I-flex, which is 47.5% owned by Citibank, has an equity capital of Rs.169.77 million with a paid-up share of Rs5 each a total of 33.95 million shares. The fresh issue is of 3.36 million shares and the offer for sale is for 0.60 million shares aggregating to 3.96 million shares, which represents approximately 10% of the post- IPO equity capital as per the minimum requirement of SEBI.

The software house - which claims over 100 banking users for its flagship Flexcube back office product - intends to use approximately Rs.1706.19 million ($35 million)of the net proceeds of the fresh issue to set up new development centres at Bangalore and Mumbai.

The company also intends to use approximately Rs.500 million to fund several initiatives to increase brand profile. These include capitalising the company’s subsidiaries in the Netherlands, US and Singapore, and setting-up marketing offices in Latin America, Europe, West Asia and the Asia Pacific region.

I-flex solutions proposes to list the equity shares on the National Stock Exchange of India Limited and Mumbai Stock Exchange on completion of the IPO. The issue is being managed by JM Morgan Stanley, Kotak Mahindra Capital Company, Salomon Smith Barney India, and DSP Merrill Lynch Limited.
KeywordsFINDEX

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