karROX Tech plans public offering

karROX Technologies, a high-end IT education company, plans to tap the market with an initial public offer.

Jeetendra Nair, vice president, karROX, said: "We are in the process of going in for an initial public offer, but a lot will depend on the condition of the stock markets".

Set up in 1992 by Darshan Shah, karROX is venture funded by Sidbi, which holds around 11 per cent in the company. Other strategic investors include Enam Financial, Godrej Capital and Birla Sun Life.

"The initial public offer will be a fresh issue and not a divestment of the existing strategic holders," Nair added.

The company has staff strength of 225 employees and reported a turnover of Rs 16 crore (Rs 160 million) for the financial year ended March 2004.

karROX offers industry relevant IT training programs for professionals. It currently operates in high-end technologies, namely, software programs, networking programs, wireless technology programs, career programs and securities programs.

It has 70 centres across the country and plans to scale up the number of centres to 150 in the current financial year.

Elaborating the company's future plans, Nair said: "We plan to enter into China with high-end training and products, including storage area network and enterprise resource planning."

karROX is currently looking the option of collaborating with local universities in China or setting up its own centre.

It also plans tap other South East Asian markets including Thailand and Malaysia. It currently operates a development centre in Singapore.