Lead managed by Aryaman Financial Services, Bangalore-based iQ infotech is raising Rs 8.8 crore from public at an offer price of Rs 16. Of the 55 lakh shares on the offer, iQ infotech has reserved a major chunk of 28 lakh shares to institutions like FIIs/banks/mutual funds and NRIs/OCBs. The iQ infotech IPO opens on February 5 and closes on February 12. The shares are proposed to be listed at Mumbai and Bangalore.

Pune-based Ador Powertron is issuing 47 lakh shares of Rs 10 each at par, including an offer for sale of 8 lakh shares by promoter group companies - Ador Finance and Ador Technologies. Lead managed by Brescon Corporate Advisors, the shares are proposed to be listed at Mumbai and Pune. The Ador Powertron IPO opens for subscription on January 29 and closes on February 2.Ador is setting up a Rs 4.4 crore project which involves enhancing existing infrastructural facilities, installation of new machinery and sourcing of technical know-how. Ador Powertron manufacturers products like high voltage rectifiers, battery charger and formation rectifier, high current rectifier and DC drives. The company is also entering into new products likes battery monitoring equipment for catering the requirements of railways, department of telecommunication and UPS.

The company's performance for the past three years has not been good, which was marked by falling growth in turnover and profits. During fiscal 2000, Ador slipped into the red by incurring a net loss of 50.64 lakh on turnover of Rs 11.95 crore.

iQ infotech, which is working in the area of software development, IT enabled services, e-commerce and other related Web-based systems, is setting up a Rs 13.5-crore project. The project involves setting up software development centres in Bangalore and Chennai, development of e-commerce and web-based facilities and setting up training centres and office in USA.Till fiscal 2000, iQ infotech had been operating on a small scale.

For the nine-month period ended 2000, the company earned Rs 1.7 crore from sale of software, Rs 3.8 crore from call centre, Rs 31.5 lakh from medical transcription, Rs 53 lakh from income from hardware and Rs 17 lakh from consultancy.