The company is demanding Rs 30 on application and Rs 30 allotment. The IPO proceeds will be used to part fund a Rs 8.42-crore project which has been apprised and funded by GSFC. Besides the public issue proceeds, the project will be funded through a term loan of Rs 85 lakh from GSFC and internal accruals of Rs 7.21 lakh.

The project involves setting up a software development facility at Infocity in Gandhinagar and an application service provider facility for business applications at Ahmedabad at a total cost of Rs 3.68 crore and investments of Rs 98 lakh in the company's proposed wholly-owned subsidiary in USA. Of the issue proceeds, Rs 1.15 crore is earmarked for meeting long-term working capital requirement of the company.

Growth Compusoft Exports has been in operation for the past 10 years. The company is engaged in software development, system integration, networking integration, internet service, web designing, web hosting, trading in computer peripherals and packaged software. The core strength of the company is in turnkey projects, systems integration, information technology strategy planning software development, internet service provider and web content development and virtual private network solution provider. The company has three units at various different places in Gujarat for integration of computer systems and software development.

The company has so far catered to ET&T Corporation Ltd, Torrent Pharmaceuticals Ltd, Tata Telecom, Arvind Mills Ltd, Space Application Centre, Ahmedabad Telecom District, Dept of Telecommunication, North Gujarat University, Gujarat State Finance Corporation. The company has developed various software packages like Librarian, SignGrow, GrowIDB, GrowADM and GrowManage.

The company also distributes products of Microsoft, Sybase, Oracle, Powersoft, SCO Novell, IBM, Lotus and Corel. The entire range of products like operating systems, office automation tools, application products, design and presentation tools, data base management systems are offered at a single window.

The company now plans to enter into software exports by setting up the off-shore software development centre at the Infocity. As part of its software exports plan, the company is setting up the 100 per cent subsidiary in USA.

However, so far, the company has been mainly into trading and has only 12 software engineers. For fiscal 1999, the company's income from software sales and services was Rs 7.84 crore. On this, the company recorded a net profit of Rs 27 lakh. For the nine-month period of fiscal 2000, the company recorded a net profit of Rs 53 lakh on total income of Rs 9.56 crore.