Nihilent Technologies Ltd, a business consulting and solutions integration entity, will float an initial public offer in 2007-08 to raise resources for business growth and provide exit route for some of existing shareholders.
The initial public offering will comprise new shares and offer-for-sale for part of stake held by some shareholders.
The company is targeting to hit the market after a three-year profit track record, its president and chief executive officer L C Singh told reporters in Mumbai on Tuesday.
Dimension Data Plc, IT services major and Nedbank, a South African financial institution, hold over 70 per cent stake in Nihilent Technologies through special purpose vehicle registered in Mauritius. The balance holding is with employees and employees trust.
The company expects revenues of $15 million by end of March 2006, about 50 per cent more than those recorded in 2004-05.
The revenues are expected to be over $ 20 million by the time of public offer. It is already showing profits, Singh said.
Bulk of revenues are from the overseas clients. Its operations are spread over North America, Europe, Africa and Asia. At present it has over 430 professionals and expect to ramp-up headcount to 750 over next two years.Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Discussion Group
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