Intrasoft Technologies, which runs greetings card website 123greetings.com, will enter the capital market to raise funds and has filed draft papers with market regulator Securities and Exchange Board of India (Sebi).
The company plans to hit the primary market with 37 lakh equity shares, which will constitute 25.12 per cent of the post paid up capital of the firm, according to the draft red herring prospectus (DRHP) filed with the Sebi.
According to the draft papers, Intrasoft Technologies (ITL) will use the proceed from the initial public offer (IPO) for different purposes, which includes branding and promotion, investment in technology infrastructure, purchasing a corporate office in Kolkata and general corporate purposes.
The firm needs Rs 20.15 crore for branding and promotion, Rs 13 crore for purchasing a corporate office and Rs 2 crore for investment in technology infrastructure.
The firm's website offers a range of electronic greeting cards, including multimedia content designed for catering to varying geographical and religious celebrations, occasions and other events.
The equity shares offered through the issue are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange.
Collins Stewart Inga and Anand Rathi Advisors are lead book managers of the issue.