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Monday, June 25, 2007

Allied Digital sets IPO price band at Rs 170-190/sh

Allied Digital Services, an IT Infrastructure Management Services provider in India, is entering the capital market with an initial public offer (IPO) of 45,22,435 equity shares of Rs 10 each for cash at a price to be decided through the 100% book-building process for listing on both Bombay Stock Exchange and National Stock Exchange.

The issue has a reservation of 2,00,000 equity shares available to the employees of the company. The price band for the offer has been fixed at Rs 170 and Rs 190 per equity share and the issue is scheduled to remain open between July 02, 2007, and July 05, 2007.

On the occasion of fixing of the price band, Mr. Nitin Shah, Chairman and Managing Director, said, “The objects of the issue includes setting up a Global Service Delivery Centre in Mumbai, strategic acquisitions, upgradation and expansion of existing infrastructure, setting up new Strategic Business Units and financing working capital requirements.”

He added “Allied plans to take new initiatives in the Managed Services segment which is one of the key growth segments through establishing Network Operating Centre (NOC) and Security Operating Centre (SOC), to leverage our current strengths and address international markets while expanding revenue base in India.”

Allied Digital operates in diversified segments both in Solutions viz. IT solutions, Networking and Communication solutions, Integrated solutions and Software solutions and in Services viz. IT Infrastructure Management Services, T-BPO and Remote Management Services to its customers pan India. Recently, the company had a strategic tie-up with Echelon Corporation to foray into Intelligent Building Management and Energy Management Solutions.

It has its unique direct presence at 92 locations in 25 states catering to more than 450 cities countrywide through its human resource of more than 1050 personnel. Its offerings address various business verticals – BFSI, Telecom, Retail, Aviation, Manufacturing, Energy, e-Governance and Hospitality to name a few.

The company has grown at a CAGR of 58% over the last three years. The operating income of the company for the year ended March 31, 2007, was Rs 156.03 crore and the net profit after tax was Rs 22.93 crore. The order book stands at Rs 107.81 crore as on June 12, 2007 of which Rs 54.70 crore belongs to services segment and Rs 53.11 crore to solutions segment.

The sole book running lead manager to the issue is Anand Rathi Securities, Advisors to the issue is Religare Securities and Syndicate Members to the issue is ENAM Securities Pvt. Ltd. and Anand Rathi Securities and Intime Spectrum Registry is the registrar to the issue.

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