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Kshema Tech IPO next fiscal

Our Bureau

BANGALORE, Dec. 14

KSHEMA Technologies will go public in the first quarter of next fiscal, according to the President and CEO, Mr Anant Koppar.

Kshema, which had initially meant to make the IPO this year, postponed it to the next fiscal, in anticipation of good results and better premiums. The details of the issue are not available.

``This will the third year of profitability for us and we should be able to make the IPO by the first quarter of next fiscal,'' Mr Koppar said. The results of the 2000-01 fiscal are on target and valuations would be favourable, he said.

The company had targeted a turnover of Rs 72 crore and profit of Rs 16 crore for the current fiscal, up from revenues of Rs 24 crore and profit of Rs 8 crore last year.

Kshema, with Canadian client MDS Sciex, is instituting a chair for bioinformatics at the PES Institute of Technology.

Kshema and MDS will contribute about $20,000 to the corpus to be matched by the Institute, according to the Institute Director, Mr D. Jawahar.

Kshema is working on the software inputs to MDS Sciex's range of mass spectrometres.

The company will acquire domain knowledge from MDS Sciex, which has been making such software for over a decade now.

``We have decided to access Kshema's pool of skills as our needs are growing and there is a critical shortage of skills in Canada,'' said Dr Andrew Boorn, President, MDS Sciex.

Mr Koppar said that the company was likely to get a financial services software project worth about $2-3 million from ``a major bank in Japan'', but declined to give more details.