Fatpipe to raise Rs 49 cr through IPO

AHMEDABAD: Chennai-based IT company Fatpipe Networks India on Tuesday said it will raise Rs 49 crore through an Initial Public Offering ( IPO), for funding its global expansion plans.

"We plan to raise Rs 49 crore through this IPO to expand our global footprints in next 12-18 months," Chairman and Managing Director Fatpipe Networks India Ragula Bhaskar said.

"We are looking to open offices not only in America but outside America like Canada, South Africa, South and Central America, Europe and Asia," he said.

The company has fixed the price band of its IPO between Rs 82 and Rs 85. The issue opens for subscription on June 7 and closes on June 9.

"Part of the issue proceeds shall be used to open offices in India in metros like New Delhi, Bangalore, Madras, Kolkata and later on in tier-II cities like Ahmedabad, Kanpur, Nagpur," Bhaskar said.

"We shall hire close to 30 people in tier-I and tier-II cities of India where we plan to expand our operations," he said.

The company is the creator, inventor and multiple patent holder of router clustering technology.

The company products bond multiple data networks from multiple data carriers including 2G, 3G, 4G and satellite into a single wide area network globally in the process.