Mumbai, Nov. 27 eClerx Services Ltd, a provider of data analytics and customised process solutions to global enterprise clients from its offshore delivery centres in India, proposes to enter the capital markets with an initial public offering of equity shares of Rs 10 each through a 100 per cent book building process.
The issue opens on December 4 and will close on December 7.
The price band has been fixed at Rs 270 and Rs 315.
The issue comprises a fresh issue of equity shares and an offer for sale of 8.90 lakh equity shares by promoters, Mr P.D. Mundhra, Mr Anjan Malik and another existing shareholder, Burwood Ventures Ltd.
A minimum of 20 lakh securities are being offered to the public and the size of the issue shall aggregate to at least Rs 101 crore.
The company plans to raise around Rs 101 crore to fund acquisitions, make infrastructure investments, set up additional facilities and avail itself of listing benefits.
At least 60 per cent of the net issue will be allocated to qualified institutional buyers on a proportionate basis out of which five per cent will be available for allocation on a proportionate basis to mutual funds only.
Further, up to 10 per cent of the net issue will be allocated to non-institutional bidders and up to 30 per cent of the net issue will be allocated to retail individual bidders on a proportionate basis.
The basic EPS based on unconsolidated restated financial statement is Rs 26.68 on a weighted average basis with a higher weight given to current year and the diluted EPS is Rs 26.49.
The company’s unconsolidated revenues grew to Rs 86.23 crore in fiscal 2007 from Rs 47.75 crore in fiscal 2006.
The company’s unconsolidated profit after tax grew to Rs 40.52 crore in fiscal 2007 from Rs 24.04 crore on fiscal 2006. For the six-months ended September 30, 2007, the consolidated revenues were Rs 51.44 crore, while the profit after tax was RS 16.47 crore.
The equity shares are proposed to be listed on the BSE and the NSE.
JM Financial Consultants Pvt Ltd and Edelweiss Capital Ltd are the book running lead managers to the issue.