New Delhi, February 5, 2004 -- BOMBAY (Reuters) - Four Soft Ltd, an Indian technology firm focusing on global logistics and supply chain management, is launching an initial public offering (IPO) of shares on February 16 to raise 198 million rupees the company said.
The firm is offering 7.9 million equity shares of five rupees each, at a premium of 20 rupees per share.
The four-year-old company proposes to use the funds to set up an international marketing network, finance growth activities including acquisitions, and meet product development and expenses, Palem Srikanth, the firm's managing director, told a news conference.
UTI Venture Funds and APIDC Venture Capital Fund together hold an 18 percent stake in the company, which will be reduced to 14 percent of the post-IPO equity.
The issue closes on February 23.
The Hyderabad-based company presently makes two web-centric products for customers in India, the United States, Britain, Singapore, Thailand, Malaysia and Sri Lanka.
Four Soft declared a profit of 56 million rupees for the nine months ended December 31 on a turnover of 198 million rupees. |
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