Akshay Software's IPO plans come close on the heels of two other software issues lined up by Polaris Software Laboratories and Helios Matheson Information Technology.

Akshay Software is expecting a good growth this year and a turnover of $10-11 million from its overseas operations. It offers services in wide areas like ERP, client/server applications and RDBMS areas, legacy systems and technology-enabled applications.

Through the IPO, the company will offer 10 lakh shares at Rs 80 per share and the funds will be utilised for upgrading its development facilities at Seepz in Mumbai at a cost of Rs 60 lakh. The expansion plans also include recruitment and training of developers andstrengthening of other development centres in Chennai.

The development centres will be equipped with latest facilities to undertake offshore projects. The company has recently won a 50,000 deutsche mark contract from Volkswagen through its partner Computer Praxis, a German firm, for a special software package to track the training requirements, scheduling and performance of over 3,000 engineering trainees of Volkswagen in Germany. The entire development is being done offshore at Mumbai.

Together with Computer Praxis, Akshay will bid for more offshore projects and provide on-site assistance to clients. Akshay has similar alliances in the US, UK and Japan and a wholly-owned subsidiary in US, Akshay Software International.

Another recent order was from Software Services International of US. The company awarded the project to Akshay after it completed successfully an Year 2000 remediation project for an insurance firm.