Business Daily from THE HINDU group of publications
Wednesday, Aug 30, 2006
Business Daily from THE HINDU group of publications Wednesday, Aug 30, 2006 |
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Info-Tech
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Outsourcing Markets - IPOs Our Bureau
Mr Parvinder S. Chadha (right), Executive Director, HOV Services Ltd, and Mr Vik Negi, Chief Financial Officer, at a press conference in Mumbai on Tuesday. - Paul Noronha
Mumbai , Aug. 29 HOV Services Ltd, a provider of business process outsourcing services to the finance and accounting sectors with operations in India and US, is coming up with an initial public offering of 40.5 lakh equity shares of Rs 10 in the price band of Rs 200 to Rs 240 a share. The issue opens on September 4 and closes on September 7 and constitutes 32.3 per cent of the diluted post-issue paid-up capital of the company. DSP Merrill Lynch is the book running lead manager (BRLM), JM Morgan Stanley Private Ltd is the co-BRLM and Karvy Computershare Private Ltd is the registrar. The issue is being made through a 100 per cent book building process, where 50 per cent will be allotted to qualified institutional buyers, 15 per cent to non-institutional bidders and 35 per cent for retail bidders. "The company plans to add a workforce of 1,500 in the near future," said Mr Karan Negi, Chief Operating officer, HOV Services.
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