Aug 13, 2019
MUMBAI: Bangalore-based Infinite Computer Solutions plans to launch an initial public offering in a few months. The public offer is for 11.5 million shares, which is partly fresh issue of shares and partly offer for sale by the existing shareholders.
Temasek, which holds 9.6% in the company, is exiting its stake completely, while the promoters are also selling part of their stake. The promoters' stake, which is at 78%, will get diluted to 64% post issue. The public holding in the company post-issue will be 26%. India Infoline and SPA Merchant bankers are the lead managers to the issue.
The company had postponed its IPO plans last year because of bad market conditions. It has got the necessary approvals for the issue and the firm has time up to March 2010 to do an IPO, its CEO Upinder Zutshi said.
The company is mainly into software application development and maintenance, but has diversified into other areas, such as remote infrastructure management and R&D services. These other services contribute around 40% of its total revenue that was around $106 million in FY09, according to Mr Zutshi. Its net profit for FY09 was $10 million. Some of the company's clients are IBM, Fujitsu, Alcatel-Lucent and Verizon.