The Hindu Business Line : Topsgrup plans IPO

THE Rs 100-crore security solutions provider Topsgrup plans to come out with its maiden public float over the next three months to fund its expansion plans. The company is targeting a 50 per cent jump in turnover at Rs 150 crore this fiscal.

"We are planning to come out with an initial public offering (IPO) within the next three months, making Topsgrup the first listed security agency," the Chairman and Managing Director, Mr Diwan Rahul Nanda, said here on Thursday.

He, however, said the size of the public offer and the other details were still being worked on.

The company is also on an expansion drive in the North and is targeting a two-fold increase in revenue from this market this fiscal. Topsgrup, which is operational in the Northern region through its 11offices, services over 350 customers, including consumer durables giant LG Electronics, HDFC, Taj Group of Hotels, McDonalds, Shoppers' Stop, Escorts Hospitals and the Tata Group companies.

The company clocked Rs 9.5-crore profit before tax in 2003-04 as against Rs 2.3 crore in the previous fiscal.

With over 25,000 security staff as part of its ground force, the company meets the security needs of 5,000-odd customers across 83 cities and has seven specialised divisions.

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