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Friday, May 19, 2006

Internet company Info Edge to come out with IPO

India's largest Internet company Info Edge (India) Limited which runs popular job site Naukari.Com, is planning to hit the market with an Initial Public Offering (IPO) in another two to three months.

"We are close to filing for an IPO. We will be coming out with an offer in next two to three months," Chief Operating Officer and Director of Info Edge Hitesh Oberoi said.

He, however, refused to divulge details of an IPO saying that the company is in a quiet period.

Apart from Naukari, the company runs matrimonial site Jeevansathi.Com and real estate website 99acres.Com.

Founded in 1990, majority of the shares of the company are still held by the promoters. It also has venture funding from ICICI and Kleiner Perkins Caufield and Byers.

The stake of ICICI ventures in the company stands at 10 per cent. Two years back the stake of ICICI in the company was 15 per cent, of which five per cent was bought back by Info edge.

Kleiner Perkins Caufield and Byers (KPCB) is the recent investor in the company.

"We brought KPCB as an investor to benefit from their experience in the internet space we had no pressing need for funds. They have funded some of the most successful Internet companies in the world, including Google, eBay and Amazon," Oberoi said.

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