Announcing this at a press conference here on Friday, Subex managing director Subash Menon said the issue was expected to part-finance the company's software development facility in the city. The IPO was also anticipated to fund a proposed subsidiary the company plans to set up in the US.

Menon said the issue would open on July 19 and with the closing slated for July 23. The shares of the company would be listed on stock exchanges of Bangalore and Hyderabad, he added.

Subex offers software solutions to a large number of Indian and overseas companies. Its clientele include cellular operators, basis service operators, OEMs, public sector undertakings, railways, defence and DoT.

Menon denied reports about a private placement that had been reported in a section of thepress.