Acropetal's Rs 170-cr IPO opens on Feb 21

Our Bureau Mumbai | Updated on February 16, 2011

Mr D. Ravi Kumar (right), CMD, Acropetal Technologies Ltd,and Mr K. Srinivas, MD, Saffron Capital Advisors Ltd, at apress conference to announce the company’s IPO in Mumbaion Wednesday. — Paul Noronha   -  PAul Noronha

Acropetal Technologies – an outsourcing service provider in healthcare, energy and environment verticals – has fixed the price band for its Rs 170-crore initial public offering at Rs 88-90 a share.

The issue will open on February 21 and will close on February 24.

The issue proceeds will be used to fund the company's potential acquisitions, to set up a software development centre cum corporate office in Bangalore and also for its expansion and establishment of overseas offices in the US, the UK, West Asia and South East Asia. The company has its presence in Dubai, the UAE through its subsidy Vision Info Inc.

The shares of the company will be listed on the BSE and NSE.

The Qualified Institutional Bidders will be allotted 50 per cent of the shares, 15 per cent to High Networth Individuals and 35 per cent to retail investors.

Rating agency ICRA assigned a grade of 3/5 for the company's IPO indicating average fundamentals.

Saffron Capital Advisors is the sole book running lead manager to the issue.

Published on February 16, 2011

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