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Zylog’s initial public offer

Corporate Reporter

CHENNAI: The Chennai-based Zylog Systems, a global IT solutions and services provider, has entered the capital market on July 20 with a public issue of 36 lakh equity shares of Rs. 10 each through the 100 per cent book building process.

Addressing presspersons here on Thursday, Sudarshan Venkatraman, Chairman and CEO, said the company had strong domain expertise in the BFSI (banking, financial services and insurance), telecom, pharma, life sciences, retail and manufacturing segments.

The company would utilise the net proceeds of the issue to set up two offshore development centres (ODCs), to fund acquisitions and strategic investments and to meet the increasing working capital requirements.

The price band has been fixed at Rs. 300-350. The initial public offer closes on July 25.

The issued received good response in the first day and was subscribed 3.1 times.

The Chairman said at present, the company had two global development centres, one in Chennai and the other in New Jersey, U.S. Mr. Sudharshan Venkatraman said the company was setting up two offshore development centres.

The Sholiganallur project, near Chennai, which will have a capacity of 800 seats, would be ready by next month.

The company was planning to build the second centre at Siruseri with a capacity of 1,250 seats.

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