Mumbai, June 28: Plexus Technologies, which provides software solutions to companies leveraging the Internet, plans to come out with an initial public offering in another four months' time.The company plans to list the company both in the domestic bourses as also overseas. This makes sense as a large part of the business of the company still comes from the US.
The chairman and chief executive officer of the company, Nitin Komawar said: "We intend to be the McKinsey of the cyber world." While the actual amount of the public offering is not divulged, in the next 12 months, the company requires funds in the range of $8 million to $12 million (that is, somewhere between Rs 35 crore to 52 crore). "The company is following an aggressive growth strategy," Komawar pointed out. A host of merchant bankers have approached the company for valuing and pricing its stock. Plexus plans to further expand its operations and to this end, it plans to increase its workforce from the current 200 people (in India and the US) to 3,000 people in two years.
At present the company is engaged in implementing a WAP (wireless application protocol) gateway for one of the largest cellphone operators in the country.
Komawar said that the first phase of the project was already completed while the second phase was being formatted.
The company has outstanding orders worth $2.5 million for the next quarter, Komawar revealed. Incidentally, for the current year, the company is expecting revenues of $10 million to $12 million while last year it had chalked up revenues of $2 million.
Explaining the strategy followed by his company in taking up clients, Komawar said his company looked for a minimum commitment of atleast two years while the value of the contract should be around $1 million. Being a hard-core techie company, it is interested in providing only high-end technological solutions.
In the area of Internet communications, Plexus provides web-casting solutions, online radio station systems, real-time conferencing and collaboration tools and corporate messaging systems, among others. Plexus' client list is impressive: ICICI Direct, Indiatimes, Davidoff, Batliboi, Star TV and Aetna Financial Services are some of its more well-known clients.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.