Neoteric applies for IPO

Mumbai

May 20, 2008

Close on the heals of Allied Digital, which announced its IPO in June last,
it is now the turn of Mumbai-based Neoteric Infomatique to forge ahead in this
direction. The latter has confirmed plans to announce its initial public
offering (IPO). Sharing details on the initiative, Anup Nair, Senior Manager-Corporate,
Neoteric Infomatique said, “We have applied to SEBI for the same. The
procedure normally takes over 45 days.”

Once the company gets clearance from SEBI it will announce the dates when the
IPO will be open for subscription. Through the IPO Neoteric is looking at
raising Rs 50 to 60 crore. It is looking at an IPO of 6.97 million equity shares
of Rs 10 each (face value). “The market value will be dependent on several
factors. We will fix on the final value once we the get the nod from SEBI,”
shared Nair. He added that the company looked at the IPO in a bid to further its
growth. “Across the country we are known as a fast growing company, and this
step is essentially to feed out growth,” said Nair.

With the IPO in place, Neoteric will be the fourth distributor in the country
to go the IPO way, after Tulip IT Services, Redington and Allied Digital
Services.