The Hindu Business Line : Prithvi Info plans Rs 150-cr IPO

PRITHVI Information Solutions Ltd, a US-based technology solutions provider, plans to raise Rs150 crore in the capital market to part-fund its expansion, including offshoring capabilities in India.

The Managing Director, Mr Satish Kumar Vuppalapati, said the company predominantly focuses on onsite services. Currently, the offshore component is barely 6 per cent.

The Chief Financial Officer, Mr P.S. Shastry, said the move to raise capital would not only bring in additional funds but also enhance the brand image, attract talent and reward employees with stock option plans.

"We are a zero-debt company. After considering various options, we decided to take the IPO route in the next 3-6 months. Prithvi is in talks with merchant bankers and the pricing details are being worked out," he said.

Prithvi has grown from a four-member team in 1998 to 950 people, and two centres at Hyderabad and one in Bangalore. Mr Vuppalapati co-founded the company with his sister, Ms Madhavi Vuppalapati, who is now based in Pittsburgh. Its revenues have grown from $1 million to about $70 million in 2004. Servicing about 85 clients worldwide, the company revenues are projected to touch $120 million this year, Mr Vuppalapati said.

The company is setting up an offshore development centre at Hyderabad.

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