Indian BPO First Source Goes IPOposted by MR WAVETHEORY at 1/28/2007 10:24:00 PM
The price band for the issue has been fixed between Rs 54 and Rs 64 per share.
The issue of 69,300,000 equity shares comprises a fresh issue of 60,000,000 equity shares by the company and an offer for sale of 9,300,000 equity shares by the ICICI Group, including a reservation for certain eligible employees of upto 1,200,000 equity shares of Rs 10 each. The issue will constitute 16.65% of the fully diluted post-Issue equity share capital of the company.
Firstsource Solutions Ltd, an India-based BPO company providing customised business process transformation in the banking and financial services has announced the entry into the capital market with it's IPO offering of 69.30 million equity shares of Rs 10 each for cash at a premium to be decided through a 100 per cent book building process. 'The price band for the issue has been fixed between Rs 54 and Rs 64 per share and the issue opens tomorrow and closes for subscription on 2 February, ' said Farid a representative of the company while addressing presspersons.
At least 40, 860, 000 equity shares shall be alloted on a proportionate basis to qualified institutional buyers and further 6, 810, 000 equity shares shall be available for allocation on a proportionate basis to non institutional bidders and 20, 430, 000 equity shares shall be available for allocation on a proportionate basis to retail bidders, subject to valid bids being received at or above the issue price. The company formerly known as ICICI OneSource intends to use the net proceeds of the issue to make acquisitions, set up new facilities, repay a loan and for general corporate purposes.
Firstsource would be listing it's shares on both the National Stock Exchange and the Bombay Stock Exchange shortly. DSP Merrill Lynch Ltd and Deutsche Equities India Pvt Ltd are the joint bookrunners for the issue, while ICICI Securities is the co-bookrunner.