Hanuman Tripathi, managing director, Infrasoft Ltd said, "We are planning to list Infrasoft in India and Nasdaq simultaneously in January 2001. All procedures for the listing with Securities and Exchange Board of India (Sebi) have almost been adhered to, and procedures for Nasdaq listing would soon be formalised."
Speaking on the high premium on their stock Tripathi said, "The valuation of the company have been done by professionals and the valuation sheets assessed our stocks around Rs 400. However, considering the Indian market situation, we intend to offer our stock at a lucrative rate so our investors have an added advantage."
Infrasoft Ltd is a banking domain that specialises in web-enablement and e-commerce integration of existing systems for the banking industry, reducing overall investment in technology.
In the Indian banking software market, the company has a market share of around 60 per cent. Infrasoft is a technology partner with Central Bank of India, Syndicate Bank, Dena Bank, Vysya Bank and the United Western Bank. The company has recently developed an Internet banking software catering to NRI requirements of the State Bank of India's (SBI's) clients.
Infrasoft is developing a software for Direct Credit Exchange Ltd (DCE), a subsidiary of Citigroup, UK, for their new credit instrument called 'Eureka Plus or Orbion'. The software deal enabled Infrasoft to acquire 26 per cent stake in DCE, and on-time delivery will enable it to increase the stake to 50 per cent.
Infrasoft has plans to invade the insurance software industry, as private national and international players in the Indian insurance sector ramble the scene. It has already received an order from the Lloyd's Insurance Exchange to provide an insurance software that would enable direct intervention of customers.
The company has 12 ready products and three on the verge of finalisation. Infrasoft has 55 banks with their 2,600 branches spread over 27 cities as their clients.
