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Tuesday, July 17, 2007

Everonn Systems fixes issue price at Rs 140/sh

Everonn Systems India, a fully integrated education and learning Solutions Company, has fixed the issue price at Rs 140 per share, the higher end of the price band of Rs 125-140.

The company had come out with a public issue of equity shares of face value of Rs 10 each, for cash at a premium aggregating to Rs 50 crore. The issue, which was a 100% book built issue, was oversubscribed 131 times. The issue received an overwhelming response with the qualified institutional buyers’ portion being oversubscribed by more than 92 times, the retail portion by 124 times and the non-institutional portion by 278 times.

Everonn Systems has a track record of consistent growth. Over the period FY03 to FY07, the Company’s revenues grew at a CAGR of 28% and profit after tax at a CAGR of 86%. For the year ended March 31, 2007, the Company recorded a Turnover of Rs 4304.46 lakh and its adjusted profit after tax stood at Rs 486 lakh.

Everonn Systems has embarked on expansion project to be funded by IPO proceeds and internal accruals. Everonn Systems has budgeted an outlay of Rs 3000 lakh for IT Infrastructure Services. The company plans to expand their operations close to 1000 schools every year. The company will allocate Rs 1725 lakh from their IPO proceeds towards capital expenditure for Virtual and Tech Enabled Learning Solutions. Company would also utilize the funds raised from the IPO towards brand building; funding for proposed Mergers & Acquisitions and to invest in the proposed subsidiary.

Centrum Capital is the sole book running lead manager to the issue.

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