"We are aspiring to be a big company and planning to tap the capital markets to raise funds. The IPO would help in getting further equity," V Srinivasan, managing director and chief executive officer, ICICI Infotech said on Thursday.
The company had convened an extraordinary general body meeting on January 18 and had received shareholders' approval for the IPO, he said.
However, the modalities of the IPO, including the number of shares on offer, equity to be raised and appointment of lead managers for the issue, have yet to be finalised, he added.
Srinivasan said that ICICI Infotech would go for the IPO "positively" this year, even though this could be further delayed, depending on market conditions and receipt of approvals.
ICICI Venture Funds holds about 64 per cent in the IT company and ICICI Bank 29 per cent, while the remaining stake is held by Emirates Financial Services, he said.
The company, which posted a net profit of Rs 11.9 crore (Rs 119 million) during the financial year ended March 31, 2004, has 2,150 employees on its rolls.
ICICI Infotech also appointed Vincent Addonisio, an expert on mergers and acquisitions, as a director.