Acropetal''s Rs 170-cr IPO to hit market on Feb 21

Posted By: Pti
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Mumbai, Feb 16 (PTI) Bangalore-based IT firm, AcropetalTechnologies, plans to raise Rs 170-crore through its IPOscheduled to hit the market on February 21.

The company has fixed the price-band of its IPO atbetween Rs 88 and Rs 90 per equity share.

"We will use the IPO proceeds to finance acquisitions,set-up a software development centre-cum-corporate office inBangalore and expand overseas," Acropetal''s Chairman andManaging Director, D Ravi Kumar, told reporters here today.

Besides, a part of the proceeds will also be used forpart-payment of term loans and meet additional working capitalrequirements, he said.

The company''s key focus areas are healthcare services,energy and environment services.

"We are interested in acquiring companies in thesesegments and have earmarked Rs 55-crore for the purpose," RaviKumar said, adding "we are scouting for companies which willgive us synergy."

Around Rs 26-crore will be invested in setting-up thesoftware development centre-cum-corporate office, he said.

"In Phase I, we plan to set up a 500-seater," he said.

In FY 10, Acropetal clocked a turnover and PAT of Rs152-crore and Rs 35-crore, respectively. For the nine-monthsended December 2010, its turnover and PAT stood at Rs148-crore and Rs 28-crore, respectively.

Its issue closes on February 24.

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