While Aksh Optifibre is offering shares through the bookbuilding route, the other two companies are tapping the public with par issues. Aksh Optifibre is expected to be a premium issue. However, since the primary market investors have turned very cautious which is clearly manifested in the recent devolvement of Arraycom's IPO, the company may not get a very high premium. Nevertheless, Aksh Optifibre's IPO may not face the rough weather as the company is not deciding the premium. Even in this market, the reasonably priced IPOs are receiving good response. For instance, the recently closed IPO, Padmalaya was a great hit with an oversubscription almost 7 times.

Aksh Optifibre
Aksh is offering a huge chunk of shares. The company is offering 44.7 lakh shares through the bookbuilding route and 14.9 lakh shares at a fixed price - which will be decided by the bookbuilding process. Each share has a face value of Rs 5 each and the shares are proposed to be listed at the two premier exchanges - BSE and NSE - and Jaipur. The lead bookrunner is Anand Rathi Securities. Aksh was incorporated as Aksh India Pvt Ltd in 1986 and on April 17, 2000, the company rechristened itself as Aksh Optifibre. Aksh is onto the manufacture of optical fibre cable. The company is now going in for an expansion of its optical fibre manufacturing capacity and setting up a plant for the manufacture of preforms, which is a raw material for the production of optical fibre. At present, the company imports a major portion of its preforms. The current project is to reduce cost and imports. Also, Aksh has plans to increase its exports. Aksh mainly caters to the Department of Telecommunication. However, Aksh is now bankingon the potential growth in internet and e-commerce in India. This requires increasing use of optical fibre cables networks by internet service providers. As on March 31, 2000, Aksh Optifibre has a networth of Rs 21.63 crore.

IQMS Software
IQMS Software is going public with a Rs 4.5-crore IPO. The company is offering as many as 45 lakh shares at a price of Rs 10 to the public. Lead managed by Fedex Securities, the shares are proposed to be listed at Hyderabad and Mumbai.

IQMS Software is yet another IPO from a company with no track record to its credit. In fact, IQMS is yet to start commercial operation and hence, investment in this IPO is associated with high risk. IQMS plans to start operation by implementing a project which has been apprised and funded by Bank of Madura. By implementing this project, IQMS Software plans to provide web based/e-commerce products and solutions and other software solutions. IQMS proposes to make an investment of Rs 3.91 crore in an overseas company.

The company has started negotiation with an US-based company. Aanjaay Software, incorporated in October 1999, is offering 40 lakh shares at a price of Rs 10. Lead managed by Nagarjuna Finance, the shares are proposed to be listed at Hyderabad and Ahmedabad. Promoted by first generation entrepreneurs, the company is into software development and training. The company now proposes to acquire a space in NSIC Software Technology Park, Guindy Chennai, at a total cost of Rs 1 crore. Also, the company is also setting up an office in USA at a total cost of Rs 1 crore. The company is operating on a small scale and is yet to recruit majority of its manpower for the project.