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Our Bureau

Mumbai , April 27

IL&FS Investsmart, a financial services company, has filed a draft red herring prospectus for an initial public offering (IPO) of 1.14 crore equity shares with SEBI.

Out of these, 88 lakh shares will be a fresh issue and the balance 26 lakh shares will be an offer for sale by various investors in the company. The shares, with a face value of Rs 10 each, will be offered for cash at a price to be decided through a 100 per cent book-building process. The issue is slated to hit the capital markets in June 2005, IL&FS Investsmart said in a press release on Wednesday. Speaking after the filing of the draft prospectus, Mr Hemang Raja, MD & CEO, IL&FS Investsmart, said, "The retail sector has been the major driver of our business during the last couple of years. The issue proceeds would be used to fund the expansion of our domestic and global branch network, technology investments in existing business and scaling online trading business. Following our strategic tie-up with E*TRADE and Softbank, we will be able to improve our focus on online and international businesses to offer world-class services to our clients."

IL&FS Investsmart intends to expand its branch network in major centres to offer a complete range of financial management solutions for corporates and individuals. It also plans to set up branches at Singapore, Hong Kong, Dubai, London and New York.

The company has appointed SBI Capital Markets Ltd, Enam Financial Consultants and Kotak Mahindra Capital Company as the book running lead managers.

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