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HOV Services to rise headcount by 1,500; enter capital mkt on Sep 4

Written by: Staff

New Delhi, Aug 31 (UNI) Pune-based BPO company HOV Services Ltd today announced it would raise up to Rs 97.2 crore through initial public offer (IPO) of 40.5 lakh equity shares, to part finance its capex and acquisition plans, besides increasing its headcount three-time to 1,500.

''The company currently employs 785 people -- 455 in Pune and 330 in the US -- and plans to increase the headcount up to 1,500 by March 31, 2007,'' HOV Services Chief Financial Officer Vik Negi told reporters here.

While Rs 21 crore will go towards funding the hike in the workforce, some of the proceeds will be used for further acquisitions in the US, he added.

Mr Negi further said the main focus of HOV Services would remain in its Indian operations, having a large and rapidly growing number of BPO providers, mainly because of the availability of a large pool of educated, English-speaking people at cost effective prices.

The company has fixed a price band of Rs 200-240 for its IPO, which will remain open from September 4-7. DSP Merrill Lynch Ltd is the Book Runners-Cum-Lead Managers (BRLM) of the company while JM Morgan Stanley Pvt Ltd is its Co-BRLM.

The company had reported a net profit of Rs 11.5 crore for the financial year ending March 31, 2006.


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