The amount raised from the IPO would be used to acquire a few companies in the United States and India, besides expanding its reach in the country by opening new offices. ``However, precise plans to the last mile of growing organically or by taking over companies are yet to be chalked out,'' he said.

ICICI Ltd has invested about $1 million to take the 30 per cent stake in the Mumbai-based software company launched in 1996. While the promoters and employees have 40 and 20 per cent shares respectively, a clutch of private investors from the United States own the rest 10 per cent of the company's paid up capital.

Started by three techno-professionals with a combined experience of about 20 years, Plexus has two offices - Mumbai and another in Saratoga, Silicon Valley. But before the IPO, the company would raise about Rs 120 crore by March 2000. ``Several venture capital funds from the US have approached us to take a stake in Plexus taking into account the promoters' experience in starting and running a company in the Silicon valley,'' Komawar said.

The company with 100 employees offers `E-architecture' to cut distribution costs. ``We have given corporate solutions for Mahindra and Mahindra, Hoechst group, Glaxo, Wellcome and Batliboi Financial solution for the Times Bank besides media solutions to star TV,'' he said. In the last two quarters of fiscal 1999-2000, the company has bagged orders from six Indian giants including from ``a billion dollar petrochemicals company and two largest financial institutions of the country,'' Komarwar said.

The company targets a turnover of Rs 300 crore by the end of fiscal 2003. It intends to breakeven by the end of this fiscal, he added.

Komarwar was confident of achieving the turnover target as the web-based solutions market will be about Rs 1000 crore within three years and ``there is ample scope for at least three companies of our size to stay afloat profitably.'' Moreover, the company intends to earn about 60 per cent of its revenues from the US clients including the largest non-profit organisations like United Ways, Web Cabinet and Ambit Design Systems.