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eClerx to tap market

Corporate Reporter

Fixes price band at Rs. 270-315

CHENNAI: eClerx Services, a provider of data analytics and customised process solutions to global enterprise clients, is entering the capital market with its initial public offering of equity shares of Rs. 10 each for cash at a price to be decided through a 100 per cent book building process aggregating Rs. 101 crore. The issue comprises fresh issue of equity shares (23-28 lakh equity shares) and an offer for sale by P. D. Mundhra, Anjan Malik and Burwood Ventures (together 8.90 lakh equity shares).

Addressing presspersons here on Friday, P. D. Mundhra, Director of the company, said the issue proceeds would be utilised to fund acquisitions, make infrastructure investments and set up additional facilities in Chennai, NCR, Pune and Mumbai. The price band has been fixed at Rs. 270-315. The issue opens on December 4 and closes on December 7.

Mr. Mundhra said the company had three delivery centres in Mumbai. As part of expansion plans, the company was in the process of setting up its fourth facility in Pune. It had entered into a memorandum of understanding with DLF Akruti Info Parks (Pune) for an area of 75,000 sq. ft. in Hinjewadi in Pune. This facility would accommodate about 800-900 people. He said the company was offering its services to clients in the financial services, retail and manufacturing industries. In the 12 months ended March 31, 2007, the company posted a revenue of Rs. 86.23 crore (Rs. 47.15 crore) and a net profit of Rs. 40.52 crore (Rs. 24.04 crore).

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