The Hindu : Patni fixes price band for IPO

Online edition of India's National Newspaper
Thursday, Jan 22, 2004

Business

Business

Patni fixes price band for IPO

By Our Staff Correspondent

Narendra K. Patni (left), Chairman & CEO, Patni Computer Systems with G. K. Patni, Executive Director, at a press conference in Mumbai on Wednesday. — Photo: Paul Noronha

MUMBAI, JAN. 21. Patni Computer Systems Ltd. (PCS) is entering the capital markets with its initial public offering (IPO). The company is going in for a 100 per cent book building route and the price band has been fixed at Rs. 200-230 per equity share of a face value of Rs. 2. The issue opens on January 27 and closes on February 5.

The company is offering 18.72 million equity shares comprising fresh issue of 13.40 million equity shares of Rs. 2 each and an offer for sale of 5.32 million equity shares of Rs. 2 each. Patni will list the shares on the Stock Exchange, Mumbai and the National Stock Exchange of India. The offer will constitute 15 per cent of the fully diluted post issue paid up capital of the company and the post IPO equity capital will stand at Rs. 24.96 crores. The Patni group will own 51.3 per cent of the company equity post issue.

Narendra Patni, Chairman and CEO, PCS said, "We are uniquely placed in the software services industry with a strong presence in verticals such as insurance, manufacturing and financial services. We also intend to grow in verticals like utilities and retail.'' PCS recorded total revenues of $188.3 million in 2002 and $180.5 million for the nine months ended September 2003. Patni is a leading provider of integrated IT services and has over 6,500 professionals servicing its clients through a network of 22 sales offices globally and delivery centres in 6 cities in India.

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