Mumbai-based software company Paradyne Infotech Ltd is planning to enter the capital market by mid-March with an initial public offering of 3.3 million shares of Rs 10 each at premium of Rs 32.
The company has filed a draft prospectus with the Securities and Exchange Board of India for IPO size at Rs 13.86 crore (Rs 138.6 million), it said in a media release on Friday.
The proceeds of the IPO would be used for setting up data and call centre, modernisation programmes, upgrading R&D lab, enhancing quality certification, expanding the branch network in India, investing in subsidiaries and meeting the cost of the present issue, it said.
Paradyne is implementing a capital expenditure programme of Rs 14.01 crore (Rs 140.1 billion) out of which Rs 13.86 crore would be raised from the proposed IPO and the balance from internal accruals, it said.
The promoter's shareholding, which is at present 99.38 per cent, would come down to 69.23 per cent post IPO, it said.
The lead manager to the IPO is Karvy Investor Services Ltd and the registrar to the issue is Bigshare Services Pvt Ltd.
Post-IPO, the shares would be listed on the Bombay Stock Exchange and National Stock Exchange, it added.