Topsgrup To Hit Market With IPO Soon

Kolkata, July 29: | Updated: Jul 30 2003, 05:30am hrs
Topsgrup Detectives & Security Services Ltd, now a fully-owned family business, has set the ball rolling for its initial public offering (IPO).

Topsgrups managing director and Group CEO, Diwan Rahul Nanda said the IPO will be made in another four or five months.

We are talking to various merchant bankers and you can expect the issue in another four or five months, Mr Nanda said. He stressed that he will continue to own at least 80 per cent of the Rs 100-crore company even after the IPO.

Over the past couple of years, Topsgrup has expanded into a whole lot of areas that are related to its core competency of providing specialised security services to industrial and private clients, event management and detective work.

Recently, it launched cash management services (CMS) for clients ranging from banks with networks of automated teller machines to supermarkets and retail chains.

This unique CMS makes use of the satellite-based global positioning system (GPS) technology to track its custom-built range of armoured vans.

Three years ago, Topsgrup, then a Rs 40-crore outfit, had said it plans to raise funds via a private placement from venture capitalists. Mr Nanda had told FE then that an IPO could also be considered after stabilising operations.

Mr Nanda, who was here to highlight Tops CMS, said this is the first security agency in India to use global positioning system (GPS).

The company currently has 20 such GPS equipped vans around the country in Mumbai, New Delhi, Bangalore and Kolkata.

The GPS facility combined with digital maps of the city enable Tops control room to monitor every movement of each CMS van on the citys roads,complementing technology like closed-circuit television cameras and wireless communication.

A Mumbai-based Topsgrup official said the satellite maps are legally available from two companies in India, and have been sanitised by the Indian security agencies to ensure that sensitive installations are not identified. For the GPS system, Topsgrup has tied up with Arya Com, a unit of the Arvind Mills Group.

Mr Nanda, who claimed that Topsgrup is number one in its field now, said the company has achieved international standards in operating procedures and methods.