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M. Ramesh

Galleon, Passport Capital subscribe to 9 lakh shares

Chennai June 12 Take Solutions Ltd, which is coming out with an initial public offering, has received Rs 56.25 crore from two private equity investors — Galleon Ventures and Passport Capital.

The Chennai-based IT company, which has a suite of products for supply chain management and life sciences (medical research and regulatory compliance), intends to come out with its maiden public issue shortly.

The Rs 180-crore company plans an issue of 30 lakh shares, of which one lakh shares are reserved for employees. It is learnt that Galleon Ventures and Passport Capital have bought 9 lakh shares at a price of Rs 625 a share, or for Rs 56.25 crore.

The net offer to the public therefore will be 20 lakh shares. The pricing will be decided by the book-building process, but is expected to be around the same price as sold to the private equity investors. Edelweiss has been appointed the sole book running lead manager for the issue.

In 2005-06, Take Solutions' turnover was Rs 100 crore and net profit Rs 17 crore. In the first half of 2006-07, Take Solutions' turnover was Rs 72 crore on which it made a net profit of Rs 12 crore. The company has a paid-up equity capital of Rs 9 crore. Post issue, the equity base will increase to Rs 12 crore.

Take Solutions could get close to Rs 200 crore through the IPO. It intends to put the funds into four uses — acquisitions, new product development, enhancement of its infrastructure and retirement of some high-cost term loan.

More Stories on : Private Placement | IPOs | Software

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Take Solutions gets Rs 56-cr pre-IPO funding

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