Thinksoft Global IPO opens on Sep 22

MUMBAI: Thinksoft Global Services Ltd���s public issue of 36,46,000 equity shares opens on Tuesday, September 22. The IPO consists of a fresh issue of 13,50,000 equity shares and an Offer for Sale of 22,96,000 shares by Euro Indo Investments and Mr. Vinod Ganjoor. The issue would constitute 36.27% of the post issue paid-up capital of the company. The price band of the 100% Book Build issue is Rs. 120-130 per share of Rs. 10 each. The issue closes on Thursday, September 24.

Thinksoft Global is promoted by Mr. Asvini Kumar, Ms. Vanaja Arvind and Mr. Mohan Parvatikar. The company was founded with the objective of providing value added IT services to the global financial services sector by offering the offshore model for financial software testing. Thinksoft has notched up over 8-million hours person of project track record in over 10 years of experience serving clients in the Banking, Financial Services and Insurance sector.

The company has a global presence through its wholly owned subsidiaries, branch offices and establishments in New York, London, Dubai, Frankfurt, Singapore, Hong Kong, Brussels, Bangalore and Chennai. For the year ended March 31, 2009, Thinksoft���s profit after tax stood at Rs.14.49 crores on gross revenue of Rs. 95.66 crores. Revenue has grown at CAGR of 43.5% over the past four years.

In order to upgrade its infrastructure, the company is setting up facilities at Madras Export Processing Zone in Chennai with a capacity of 400 seats at an estimated outlay of Rs. 16.09 crores, which will be met from the issue proceeds. The shares will be listed on NSE and BSE.