i-flex Shares Listed On BSE

Mumbai, June 28: | Updated: Jun 29 2002, 05:30am hrs
Citigroup promoted IT solutions provider i-flex was listed at The Stock Exchange, Mumbai (BSE) through the bell-ringing ceremony on Friday. The company’s IPO is the third to fall in line in less than three months in the calendar year after the listing of Bharti Telecommunica-tions and Punjab National Bank.

Speaking on the occasion, i-flex chairman and managing director Rajesh Hukku said that they were bullish in attitude with a corpus base of 3,961,700 equity shares.

On the BSE, the stock opened at Rs 549, then surged to a high of Rs 560 but subsequently hit a low of Rs 510 trading at a 3 per cent discount to the offer price within 10 minutes of its listing.

Mr Hukku said that the company has outlined a three-pronged strategy, which involves an expansion of its solutions portfolio, expansion of marketshare and reach apart from leveraging its partnerships and alliances.

i-flex’s strategy so far has been organic growth and company officials now believe that a combination of organic and inorganic models will help them continue to grow. They added that strategic acquisitions would help the company leverage the complimentary skills to capture market opportunities. Typical acquisition targets would be those with complimentary product offerings or companies with a good existing customer base and strong sales, marketing and execution capabilities in specific target markets.

BSE executive director AN Joshi, who was also present at the occasion, said that many others had been encouraged by the IPO of i-flex. “There are as many as 200 other IPOs that are in the pipeline that would amount to a valuation of about Rs 30,000 crore,” he added.

The public issue was made through the 100 per cent book built route at a floor price of Rs 530 and was oversubscribed 2.7 times.