The company has collected Rs 228 crore for a small issue of Rs 2.6 crore.

Through its recently concluded IPO, the Bangalore-based Logix Microsystems offered 13,00,000 equity shares of Rs 10 each for cash at a premium of Rs 10 per share, aggregating Rs 2.6 crore. Canara Bank, merchant banking division and SMIFS Capital Markets were the lead managers to the issue.

Of the 30 lakh equity shares that were on offer, 17 lakh equity shares were placed with the FIIs, OCBs and associates through the private placement route. The rest of 13 lakh shares were offered through the IPO.

Logix is planning to retire the high cost long term debts, using the issue proceeds. It will also be used to meet the expenses of the issue and list them on Bangalore, Calcutta and Hyderabad stock exchanges.

According to its Sanjay Soni, managing director, Logix Microsystem, the expansion, costing around Rs 6 crore, will be to increase the training business by setting up overseas offices in the US and the Middle East. Soni said that the expansion is on schedule and will be completed by March 2000. It has firm orders worth over $2 million in hand from the US and Singapore region. in addition, Soni said that the company is targeting a turnover of Rs 12.5 crore by March 2000.

The company's other plans include establishing an Internet based training division for development of Internet and Intranet training products in enterprise resource planning (ERP). The company is planning to offer Internet based training in India. Logix is increasing capacity of its existing offshore software development centre at Bangalore. The company was set up in 1995 as a consulting firm. It has clients like Philips, HP, IBM and LG and offices in Dubai, Singapore and the US.

The company is planning to work on few products in the area of e-commerce. "We are working on a Java product for an international company. More details will be released in December," Soni said.