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Saturday, April 28, 2007

GSS America Infotech files DRHP with SEBI

GSS America Infotech, a leading Global IT Services company focused on providing scalable and cost-effective solutions using global delivery model, has filed its draft red herring prospectus (DRHP) with Securities & Exchange Board of India (SEBI) to enter the capital market with an initial public offering, IPO of equity shares.

The company proposes to offer 34,97,495 equity shares of Rs 10 each. The issue comprises of a net issue of 33,40,000 equity shares of Rs 10 each to the public and up to 1,57,495 equity shares of Rs 10 each will be reserved for subscription by eligible employees. The issue will constitute 26.30% of the post-issue capital of the company. The issue is being made through a 100% book building process.

GSS America has been making exponential progress over the last four years. The company has achieved a turnover of Rs 116 crore for the first nine months ending December 31, 2006 as compared to Rs 63 crore achieved for the full financial year 2005-2006. The company has been growing at over 160% compared to previous year.

GSS America Infotech is planning to invest in a 1,000-seater offshore facility with a capital outlay of about Rs 61 crore in Hyderabad. To finance its expansion plans - both organic and inorganic, the company is planning to raise about Rs 120 crore from the capital market.

GSS America is a niche player in the area of Enterprise Application Integration and Infrastructure Management Services.

GSS America has recently placed its equity on a pre-IPO basis to leading Financial and Venture Capital Institutions like IL&FS and other private investors to the extent of Rs 35 crore.


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