iFlex hopeful of closing IPO by March 31

Updated: Jan 24 2002, 05:30am hrs
i-flex Solutions, which had announced its intention to come out with an initial public offering (IPO) in August 2001, plans to file its prospectus with SEBI in the next week to ten days and is gunning to complete the IPO process before March 31, according to informed sources.

As announced earlier i-flex will be diluting about 10 per cent of the enhanced equity for the IPO. The company is adopting the book building process for the issue. The book running lead managers are JM Morgan Stanley Pvt Ltd, with Kotak Mahindra Capital Company, Salomon Smith Barney India and DSP Merrill Lynch Limited as co book running lead managers.

The stock will be listed on the NSE and the BSE on completion of the IPO.

When contacted a company spokesperson said, “At the recent EGM we had declared that all the due diligence is on and that we intend to come out with the IPO by the end of this fiscal.”

The company says that the capital raised from the proposed IPO will be used to increase marketing and promotional activities in key markets and to invest in joint ventures, strategic alliances, partnerships and acquisitions to tap emerging business opportunities.