IT sector to mop Rs 1,500 cr from IPOs this year

Thursday, 25 January 2007, 06:00 Hrs
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New Delhi: The IT companies are set to mop-up over Rs 1500 crore from the market this year through initial public offerings (IPOs) and follow-on public offers. This is almost twice than what the sector garnered from the market in 2006.

According to Prithvi Haldea, MD, PRIME Database, the IT companies are India’s strength. What we saw in 1999-2000 was driven by dotcom and right now it is about software/BPO companies that have an international presence. The IT sector will continue to witness a lot of listing activity.

Riding high on the buoyant market sentiments, the IT sector started the year with a public issue of Rs 1.32 crore equity shares to raise between Rs 125 crore and Rs 149 crore. Eight companies have filed offer documents with SEBI, which are Everonn Systems India, Mindtree Consulting, Take Solutions, Omnitech Infosoliutions, HFCL Infotel. Together, these eight companies have accounted to raise Rs 1,422 crore.

PRIME Database data says that at least 15 more IPOs with a combined value of Rs 1,900 crore are in the pipeline. Relatively unknown players like GSS America Infotech, Quality Engineering and Software technologies also plan to raise money from the market. Overall, 2007 will be a bumper year for the capital markets in India.

Source: IANS
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