Data Access is raising money through the IPO to essentially fund the expansion plans for its ILD telephony network and to meet the needs of long term working capital and for the repayment of borrowing. Post the IPO, public holding in the company will be 25.07 per cent of the paid-up capital.
Data Access promoter and managing director Siddhartha Ray said his company had recorded revenues of Rs 122 crore in its first year of operation with a net profit of Rs 22 crore.
Mr Ray-promoted SPA Enterprises and Pacific Netinvest today hold a 24.38 per cent and 49.73 per cent stake respectively in Data Access; post the IPO, SPA will hold 18.27 per cent while Pacific Netinvest will hold 37.26 per cent in the enhanced equity capital base. The current equity base which stands at 14.94 crore shares will increase to 19.94 crore shares.
The total ILD market in India on a monthly basis consists of 300 million minutes of inbound traffic while outbound traffic is to the tune of 80 million. Out of this, Data Access accounts for 110 minutes of inbound and 10 million minutes of outbound traffic. Our overall traffic is about 120 million minutes per month while VSNL does about 140 million minutes per month, said Mr Ray.
The scrip will be listed on The National Stock Exchange (NSE) and The Stock Exchange, Mumbai (BSE). SSKI Corporate Finance and Enam Financial Consultants are the Book Running Lead Managers to the issue.