The stake of Data Access managing director Siddhartha Ray in the company will fall from 74 per cent to 57 per cent, even as the international long distance major is looking at newer markets including Pakistan and Mauritius.
"After the initial public offer, the general public will hold around 25.07 per cent, while the employees' stake will fall to around 1.46 per cent from the present 1.95 per cent," Ray told reporters in Mumbai on Tuesday.
Pacific Convergence (Mauritius) Ltd's stake would reduce to 17.54 per cent from the pre-IPO stake of 23.40 per cent and that of Banaras House Engineering Pvt Ltd would be 0.40 per cent (present 0.53 per cent), he said.
Data Access would tender 5 crore (50 million) equity shares of face value Rs 10 each through its IPO, which opens on March 29 and closes on April 6. It hopes to raise up to Rs 100 crore (Rs 1,000 million) and had announced a price band of Rs 17-20.
The IPO proceeds would be used for expansion and upgrading international long distance telephony network and also to meet the needs for long-term working capital and for repaying borrowings.
The company would also look at new markets in Pakistan and Mauritius for its voice operations and would use its subsidiary Data Access America to offer last mile connectivity, he said.
On its growth strategy, he said the ILD major would increase its marketshare in outbound voice calls and concentrate on its already implemented call centre solutions.
International Private Leaseline Circuits (IPLCs) are also in demand as call centre and BPO operations are registering a rise in the country's market, he said.
The company has sold around 22 IPLCs in the country in the last three months time and expects this trend to continue, he added.
At present, Data Access garners over 9 million minutes a month of the total outbound voice calls of around 80 million minutes per month, and 100 million minutes of the total 300 million minutes per month of the total inbound calls, he said.
