Mumbai, July 23: Kale Consultants, a Pune-based IT company, is among the latest to line up its IPO. The company plans to charge a premium of Rs 90 to Rs 110 to mop up Rs 32 to Rs 38 crore from the public. Kale Consultants, promoted by technocrat entrepreneurs Narednra H Kale and Vipul Jain, plans to use the proceeds of the public issue for strategic acquisition. For this purpose, it has earmarked Rs 15 crore from the IPO funds. Besides, it plans to invest Rs 4 crore in its overseas subsidiaries and prepay loans to institutions worth Rs 3.9 crore. All these would be met entirely from the proceeds of the public issue.The promoters hold 39 per cent and ICICI Venture Fund holds about 30 per cent in the company's equity. The company's total income jumped from Rs 12.43 crore in 1998 to Rs 21.49 crore, while profit after tax more than doubled from Rs 2.4 crore to Rs 5.2 crore.
Kale Consultants is primarily into enterprise application software development with its clientele comprising mainly banks andairlines.The company has 360 employees with seven offices in India and three overseas. The shares are proposed to be listed on the BSE, NSE and the Pune exchange.
Compucom logs on
One more software company, Compucom Software Limited, is eyeing the primary market to raise over Rs 10 crore. The company has filed a draft document with Sebi. Compucom proposes to charge a premium of Rs 65 per share to raise an aggregate amount of Rs 10.81 crore. Ask Raymond James are the lead managers for the public issue.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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