Mediaware Info plans Rs 40 cr IPO next year

Mumbai-based IT solution company Mediaware Infotech is planning to hit the capital market with an initial public offering (IPO) by mid-2007 for raising over Rs 40 crore.

The company, which provides software solutions for advertising and media industry, is going public for funding its product and brand acquisition in India and to set up subsidiaries in China and Russia.

Mediaware Infotech Managing Director Biswajit Das said the company would dilute over 40 per cent stake through the proposed IPO next year.

"The company has got 600 installations with more than 6,000 users. It is focussing on ready solutions for advertising, media, photo servers, image libraries and other web-based projects," Das said.

He said the company was in the process of acquiring several web-based products and brands.

The company has a budget of Rs 2 crore for developing and acquiring new products. It has already rolled out new products, including TickerVin (new agency data management software with super-fast search) and PhotoVin (photo agency database).

"Mediaware has started an office in the Dubai Media City Now, with the proceeds of IPO, we will look out for spreading our presence in China and Russia," he said.

Meanwhile, the company also plans to ink deals with Zee Television and Ulka Advertisement for a pilot project for delivering new revenue models with high speed processing capacity.