Israeli firm plans IPO for India investment

Leading Israeli IT company, Ness Technologies, has submitted a prospectus to the US Securities and Exchange Commission for launching its initial public offer to raise capital for investments in India.

The company plans to raise $150 million for investments, repaying bank debts and will be led by the investment

houses Lehman Brothers and Merrill Lynch.

The financial statements reveal that the company ended 2003 with an income totaling $226 million, a 36 per cent increase over 2002.

This is the company's second attempt to enter trading on NASDAQ. In its aborted bid two years ago, Ness had tried to merge with the Israeli Sapiens.