Persistent Systems Mulls Rs 200 Crore IPO (04-Mar-2010)
Software product development company Persistent Systems stated that it plans to raise up to Rs 200 crore through an initial public offering (IPO).
Persistent Systems MD and CEO Anand Deshpande stated that they plan to raise around Rs 150-200 crore through an IPO.
They have already filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India and are awaiting its response.
It proposes to enter the capital market in the next few weeks.
However, part of the IPO proceeds will be used for construction of two new development centres at Pune and Nagpur.
The company will use a part of the IPO proceeds for construction of two new development centres, one in Hinjewadi, Pune, and the other in Nagpur.
It will have a capacity to seat 3,000 and 1,200 employees, respectively, at a cost of Rs 80 crore.
Persistent Systems' offshore development centres are located in Pune, Nagpur, Goa and Hyderabad.
Meanwhile, Enam Securities and J P Morgan India are the book running lead managers to the issue.
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