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R.Y. Narayanan

Coimbatore , Dec. 12

THE board of directors of Ma Foi Management Consultants Ltd has decided to float an IPO in four months and the pricing of the share offer would depend on the market conditions at the time of the float.

Since the company wants to list its shares in the National Stock Exchange (NSE), the IPO would involve issuance of fresh equity and not dilution of existing stake by the stakeholders so as to meet the listing norms, according to Mr K.Pandia Rajan, Managing Director of the Chennai-based company.

Speaking to newspersons on the occasion of the opening of the company's 29th office here on Friday, he said the IPO might hit the market in April-May 2004. The company wanted to reach a sales turnover of Rs 100 crore during the current fiscal before going to the market with its public issue. The board has decided to go for the public issue in another four months.

The company had now a subscribed equity base of Rs 6 crore. The latest to pick up a stake in the company through private placement route was Canara Bank which had paid Rs 105 per share. The current equity base was after the company came out with three bonus offers.

When asked whether the company was opting for enlarging its equity base by going for a public issue or would the existing shareholders be divesting part of their stake in the company, the Ma Foi MD said the company was targeting the NSE for listing for which the company should have a minimum paid up capital of Rs 10 crore. key staffing markets globally, of which Ma Foi had a presence only in three centres — London, Dubai and Singapore.

The company recorded a financial performance of Rs 48.6 crore last year and during the current year, he was confident of achieving a turnover of Rs 100 crore and all this growth had come in just eleven years. But its nearest competitor could achieve a turnover of only Rs 20 crore after being in the business for nearly four decades, he added.

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