Technology

Patni IPO expected to make $99m

Patni Computer Systems, India's sixth largest provider of offshore IT services, is expected to raise INR 4.5bn ($98.7m) in its forthcoming initial public offering on the Bombay and New Delhi Stock Exchanges in late January or early February.

Staff Writer January 7, 2004

The value is based on local media reports that the company’s IPO shares will be priced between INR 220 ($4.82) and INR 250 ($5.48) per share for a total of 1.87 million shares. The offer constitutes 15% of the company’s capital, and after the offering the total equity capital of the company will be INR 249.6m ($5.5m).

Major shareholders General Atlantic Mauritius, GE Capital Mauritius Equity Investment and GC APC Technology Investment Mauritius, which together will own 33.7% of the business after the IPO, back the company. Patni recorded revenue of $188.3m in 2002.

This article is based on material originally produced by ComputerWire.

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