Top Security may tap IPO market

Posted: Tuesday, Dec 28, 2004 at 0000 hrs IST
Updated: Tuesday, Dec 28, 2004 at 0000 hrs IST

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Mumbai, Dec 27: Top Security Ltd, a security guards service provider, is exploring options for private placement or an initial public offer amounting to around Rs 40-45 crore.

Top Security Ltd plans to use the proceeds of the IPO to acquire a company in the UK, which has the contract to man the London underground railway, Tops Security Ltd executive director Aneel Khanna said. The company has revenues around £7 million. As regards to India, the company plans to start its operations in Delhi and Bangalore.

Top Securities in India is currently manning a East coast highway from Chennai to Pondicherry, including the toll naka by deploying 46 people and two jeeps. The services included all assistance in case of accidents and also for automobile repairs.

Topsline, is an ERS launched recently in Mumbai and has over 100 mobile and well equipped Life Brigades and Life Patrol covering the entire municipal limits of Greater Mumbai. All the Life Brigades and Life Patrols are in a position to reach within nine minutes flat of receiving the call, Mr Khanna claimed.

Though the company has now diversified into sophisticated security solutions, 90% of its revenues is currently derived from guarding services, he said. The company, however, is hampered by the poor legislation in the country on providing security. Mr Khanna lamented that the presence of a large number of unorganised players in this industry without appropriate registrations has resulted in no-entry barriers to enter and exit this business.

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