Bangalore-based MindTree Consulting is floating an Initial Public Offering (IPO) of 5.6 million equity shares of Rs 10 each to raise anywhere between Rs 200-240 crore through a 100 per cent book building process. |
The price band will be between Rs 365 and Rs 425. The issues opens on February 9 and closes on February 14. |
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Promoters hold 42.23 per cent in the company pre-issue. This holding will be reduced to 35.90 post-issue. |
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Ashok Soota, promoter, will have 11.76 per cent (4.4 million shares), post issue. If the issue is subscribed at the top end of the band, Soota will be worth Rs 187 crore. The holding of investors in the company will be reduced to 42.03 per cent from the current 49.45 per cent. |
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Part of the issue proceeds will be used for future acquisitions, ramping up its existing development centres in Chennai and Bangalore as well as to build a new centre in Bhubaneshwar and repay long-term loans besides other corporate activities. |
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The company's revenue for fiscal 2006 was Rs 448.80 crore. IT services contributes at least 75 per cent to the revenues and 24.2 per cent comes from R&D services. |
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It has 153 clients with two customers in the over $10 million category, four in the $5 million and 30 in the above 1 million categories. |
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In terms of geographical break-up of revenue, the US has 62.7 per cent share, Europe 23 per cent, APAC 8 per cent and India 5.3 per cent. |
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