Everonn Systms files DHRP with SEBI for Rs 50 cr IPO

New Delhi, Aug 21 (UNI) Everonn Systems India Ltd, a fully integrated education and learning solutions company, today said it has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI) for its proposed IPO of Rs 50 crore.

The company proposes to use the proceeds from the Initial Public Offering primarily to meet the capital expenditure to be incurred for Institutional Education&Infrastructure Services business and for Virtual and Tech Enabled Learning Solutions (ViTELS) business.

Apart from this, the proceeds will also be utilised for mergers and acquisitions, investment in subsidiary, brand building, overseas initiatives and for the working capital requirements for expansion of business in its area of focus.

Earlier this month, India China Pre IPO Equity (Mauritius) Ltd, an investment arm of Temasek, Singapore's, ST Asset Management Group, had invested Rs 14 crore in Everonn Systems, thereby acquiring around 12 per cent stake in the company.

For the year ended March 31, 2006, Everonn Systems clocked a net turnover of Rs 33.1 crore with a net profit of Rs 4 crore.

Everonn Systems is a fully integrated lnowledge management, education and learning solution company, offering a range of services including creating educational and learning content, designing and executing learning initiatives and setting up infrastructure required for implementing the training programmes.

The company has two distinct Strategic Business Units -- Institutional Education, wherein IT education and computer-aided content is offered alongwith the infrastructure in schools and colleges, and Virtual&Tech Enabled Learning Solutions offering curriculum and job-oriented courses to colleges and schools under the company's own brand 'Zebra Kross'.

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