HOV Services Ltd IPO opens Sept 4th

Mumbai, Aug 29: HOV Services Ltd providing business process outsourcing (BPO) services to the finance and accouting (F&A) business sector with operations in India and US, proposes to enter the capital market on September 4 with an initial public offering (IPO) of 4,050,000 equity shares of Rs ten each in the price band of Rs 200 to Rs 240 per equity share.

Company Chairman Mr Vikram Negi told mediapersons here today that the issue closes on September 7, this year and constitutes 32.3 per cent of the fully diluted post Issue paid up capital of the Company. DSP Merrill Lynch Ltd is the BRLM, JM Morgan Stanley Pvt Ltd is the Co-BRLM for the issue and Karvy Computershare Pvt Ltd is the registrar. The equity shares are proposed to be listed on National and Bombay Stock Exchanges.

The Company intends to deploy the net proceeds of the issue to part finance its plans of capital expenditure and acquisitions. In additon, it also prposes to infuse funds into its subsidiary, HOV Services, LLC for repayment of Class B Units issued as consideration for acquisition of subsidiaries as well as redemption of Class B units issued by the subsidiary.

UNI