Financial Daily from THE HINDU group of publications
Wednesday, Apr 07, 2004
Financial Daily from THE HINDU group of publications Wednesday, Apr 07, 2004 |
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Info-Tech
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IPOs Markets - IPOs Datamatics IPO price band at Rs 101-110 Our Bureau
Dr L.S.Kanodia, Chairman, Datamatics Technologies Ltd (left); and Mr Mahesh Zurale, COO, at a press conference in Mumbai on Tuesday. - - Paul Noronha
Mumbai , April 6 DATAMATICS Technologies has announced a price band of Rs 101-110 for its initial public offering (IPO). The company is offering 1.03 crores of equity shares of Rs 5 each. Speaking at a press conference to announce the IPO, Dr Lalit Kanodia, Chairman, Datamatics Technnologies Ltd, said that the appreciation of the rupee would not affect Datamatics' bottomline significantly as 60 per cent of its current costs are already paid for in dollars. The company has two dedicated facilities - Lexis Nexis and CADMAS. About 49 per cent of its current revenues are earned from the top five clients of which 26 per cent is contributed by one client. The company announced that it was beefing up the sales and marketing teams in order to de-risk this client concentration. The initial public offer of Datamatics remains open from April 12-19. The IPO is through a 100 per cent book building process. Datamatics will list the shares on the Bombay Stock Exchange and the National Stock Exchange. The proceeds of the IPO will be used for the company's existing business requirements and strategic initiatives and acquisitions.
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