I-flex pushes ahead with IPO
31 May 2002 | 3115 views | 0
Seemingly unperturbed by the threat of war hanging over the region, Indian back office banking systems supplier i-flex solutions is to proceed with its much-anticipated IPO next week.
The company, which is 47.5% owned by Citibank, says the offer will open on Wednesday 5 June and close on Tuesday 11 June, 2002.
I-flex solutions is offering 3.96 million shares comprising fresh issue of 3.36 million shares of Rs.5 each and an offer for sale of 0.6 million shares of Rs.5 each. The total equity of the company is expected to increase from Rs.169.77 million to Rs.186.58 million.
The company says Rs.1706.19 million of net proceeds will be used to fund setting up of new development centres at Bangalore and Mumbai. i-flex solutions also intends to use approximately Rs.500 million to fund initiatives in increasing global marketing presence. These include capitalising the company's subsidiaries in the Netherlands, US and Singapore, and setting-up marketing offices in the key markets of Latin America, Europe, West Asia and the Asia Pacific region.
I-flex's flagship back office banking systems product Flexcube is installed at 111 customers worldwide.