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A slew of IPOs to hit market in April; Dynacons plans issue at Rs 30
Jai Kumar NR
New Delhi, April 5: Notwithstanding the technology meltdown the worldover and early signs of a moderation in IPOs on Nasdaq, the new fiscal starting from April 1 will see a slew of IT and media IPOs in India. Ten software as well media companies have already announced their plans to hit the market in April and several other companies are also expected to do so. Mascot Systems, Arraycom India, Archana Software, Creative Eye, Vantel Technologies, Cerebra Integrated Technology, KCC Software, Bangalore Softsell, Baron Infotech and GDR Software are all expected to hit the market in this month.In fiscal 2000, a number IT companies had postponed their IPO plans for including the full year results. All these companies are now expected to visit the primary market irrespective of the hammering at the IT counters.In fact, a lot of companies are now pinning their hopes on the fact that the undercurrent in the market is still bullish and yet another good full year performance from IT companies should improve sentiments at these counters.Dynacons Systems & Solutions is the latest to announce its IPO plan. Mumbai-based Dynacons is offering 72 lakh shares of Rs 10 each at a premium of Rs 20, aggregating Rs 21.6 crore. The company has drawn up a Rs 27.09-crore expansion and diversification project which will be financed by the IPO proceeds and a term loan of Rs 2.73 crore from Dena Bank. The equity shares are proposed to be listed at Mumbai, Ahmedabad, Hyderabad and NSE.The funds will be used for a software development centre, internet related services, retail showrooms, overseas offices, metrobranches and working capital. The company will focus on e-commerce/B2B/B2C solutions and web-based ERP and integrated solutions for remotely connected branches, offices and factories. Also, maintenance of various software and upgradation and re-engineering of software packages in local and offshore markets will also be a key area. The company plans to set up offices in USA, Singapore and major cities in India. The company has bagged orders worth Rs 12.42 crore. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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