HOV Services IPO opens on Sept 4
BPO services provider, HOV Services Limited will be entering the captal market with its initial public offering (IPO) of 4,050,000 equity shares of Rs 10 each in the price band of Rs 200-240 per equity share.
By PTI |
MUMBAI: BPO services provider, HOV Services Limited will be entering the captal market with its initial public offering (IPO) of 4,050,000 equity shares of Rs 10 each in the price band of Rs 200-240 per equity share.
The net proceeds of the issue would be used to finance the company's expansion, company's Chief Operating Officer Karan Negi told reporters here today.
"In addition, we will also infuse funds into our subsidiary, HOV Services, LLC, for repayment of Class B Units issued as consideration for acquisition of subsidiaries," he said.
The company presently has 410 seats located in Pune and the US and intends to up it to 750 by end of this fiscal.
The issue closes on September 7 and constitutes 32.3 per cent of the fully diluted post-issue paid-up capital of the company. The promoters' holdings, which now stand at 86 per cent will come down to 56 per cent post issue, Negi said.
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DSP Merrill Lynch Limited is the book-running lead manager (BRLM) and JM Morgan Stanley is the co-BRLM for the issue. Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
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