The company has a set a price band of Rs 230-260 per share and the 100 per cent book-built issue closes on August 17 and a market listing on the Bombay Stock Exchange and National Stock Exchange is expected in September.
The IPO offers 50 lakh equity shares of Rs 10 each at a price of Rs 230-Rs 260 a share, Prabhas Kumar, chief operating officer, Sasken said in New Delhi.
Out of the 50 lakh shares, Sasken has reserved five lakh for employees and the balanced for public.
From the public portion, at least 60 per cent has been reserved for qualified institutional buyers, 10 per cent for non-institutional investors and the balance 30 per cent for retail investors.
The net offer to public would constitute 16.36 per cent of the fully-diluted post issue paid equity capital.
Post issue, the promoters' stake to come down to 25 per cent from 30 per cent. At the price band of Rs 230-Rs 260, the valuation of the ompany ranges at $162 million to $182 million.
Investors in Sasken include chip-maker Intel. Telecom equipment maker Nortel Networks and a venture capital arm of Nokia announced investments of $10 million each in April.
Enam Financial Consultants is the lead manager to the issue. Sasken, with a strength of 2,400 employees and software centres in Bangalore and the western city of Pune, specialises in research and development services in areas like 3G telephony and wireless Internet access.
Sasken plans to utilise the IPO proceeds for building a new campus at Bangalore for which it has earmarked Rs 126 crore (Rs 1.26 billion) and also for meeting acquisition and strategic investments. Its current strength is 2400 and it added 600 professionals last year.
Sasken has a hybrid business model of services and software products. While product business is yet to break even it contributes 25.49 per cent to the revenue.
Sasken's revenue stream is through royalty, licensing fees and customisation from the product business. The royalty stream is to provide revenue from next year.