The Hindu Business Line : 3i Infotech files for IPO

3I INFOTECH Ltd, (earlier ICICI Infotech Ltd) will offer 39.21 per cent of its paid-up capital in its proposed initial public offering, according to the draft red herring prospectus filed by the company with the Securities and Exchange Board of India.

If the green shoe option is exercised in full, the issue will constitute 42.59 per cent of the paid up capital of the company.

According to the prospectus, the company may issue up to two crore equity shares with a possible green shoe option for an additional 30 lakh equity shares through a 100 per cent book building route.

Up to 50 per cent of the net issue is expected to be allocated on a discretionary basis to qualified institutional buyers; and not less than 25 per cent on a proportionate basis to non-institutional bidders; and not less than 25 per cent on a proportionate basis to retail individual bidders.

The green shoe option will be utilised for stabilising the post-listing price of the equity shares, a news release from 3i Infotech said.

JM Morgan Stanley Pvt Ltd and DSP Merrill Lynch are book running lead managers to the issue, and ICICI Securities Ltd a co-book running lead manager.

Shareholders of ICICI Infotech Ltd at an EGM a few weeks ago approved an increase in its capital through an IPO, and also gave their consent to changing the company's name to 3i Infotech Ltd.

The change of name, said a company official, had been done to create an independent brand identity for the company as a technology entity.

ICICI Bank currently holds less than 30 per cent stake in 3i Infotech. ICICI Ventures holds a stake of around 63 per cent. The rest of the stake in the company is owned by Emirates Financial Services.

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