Mumbai, June 1: Rediff.com India Ltd, a leading Indian-related Internet portal, has set a price range of $10 to $12 for its $75 million American Depositary Shares (ADS), according to a US Securities & Exchange Commission filing."We expect that the initial public offering (IPO) price will be between $10 and $12 per ADS," Rediff said in its amended filing with the SEC on May 31.The firm said it will offer 4.6 million ADS which represents 2.3 million equity shares.
The IPO is being handled by Goldman Sachs, Credit Suisse First Boston and Robert Fleming. Rediff's backers include Intel Corp and General Electric Co's GE Capital Services. Monthly page views of its Web site (www.rediff.com) grew to about 70 million in March 2000 from 13.2 million in April 1999, the company said.
It plans to use the proceeds to develop content, for advertising and general corporate purposes, including possible strategic investments, partnerships and acquisitions.
Rediff will be India's first dotcom company to list on a US stock exchange. Rediff is among a list of about 25 Indian companies seeking to list ADRs/GDRs in 2000/01 (April-March).
Indian Internet Service Provider Satyam Infoway Ltd is so far the only Indian company to have listed its shares directly on the Nasdaq without an IPO of shares in the domestic market.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.