Photon Infotech plans to go public in April - June
Printer Print Email Email
Chennai: In an attempt to raise about Rs 150 crore to expand its operations to other countries, California based Photon Infotech, an information technology company, plans to come out with its initial public offering (IPO). The company has operations in Chennai. IPO is expected to hit the market during April - June. To this effect, the company will file a draft red herring prospectus with the Securities and Exchange Board of India next week. The expansion plans of the company include setting up a second development centre at Bangalore, said Srinivas Balasubramanian, Chief Executive Director of the company. He was speaking to press persons on the sidelines of TiECON Chennai 2008, a day-long event focusing on entrepreneurship. "We plan to earmark some portion of the funds raised towards mergers and acquisitions," Balasubramanian added. Aiming at its easy entry in Europe, the company hopes to acquire a firm in that region. A Provider of solutions in the second generation Internet technology (Web 2.0), service-oriented architecture and search engine optimization space, Photon Infotech employs about 1,300 employees at its Chennai facility. The company plans to double headcount during the next fiscal. The company has about 500 clients and a majority of its revenues come from small and medium enterprises in North America.

siliconindia