The subscription lists opens on September 29 and closes on October 6. Karvy Investor Services Ltd one of the lead managers to the public issue have offered a safety net to successful Indian allottees at issue price of Rs 50 for a period of six months from allotment subject to a limit of 200 shares.

The promoters of the company Mr Vinod Ramnani, Mr Thomas Dietikar and Mr Jayesh Patel had served with United Detectors Technology, a leading company in US which manufactures components for the semiconductor industry for a number of years.

The company has two manufacturing units in Bangalore which have 100 per cent EOU status. According to Mr Vinod Ramnani, Managing Director: "The company is trying to get permission to sell its products in domestic markets. We should get this in a year or so."

Its products include complex assemblies of various optoelectronic and other components, cables and connectors involving extensive circuitry. The company also manufactures security systems that are used in motion sensors, entry sensors and baggage inspection systems. The present issue is being made to finance cost of completion of additional factory building; set up marketing office in London; repay high cost debt; augment long term working capital requirements of the company; meet the expenses of the issue and to list the equity shares at Bangalore, Hyderabad and Mumbai stock exchanges.

The company has a track record of consistent growth. Over the last five years, the net revenue of the company has grown at an average compounded annual growth rate (CAGR) of over 40 per cent, while the profit after tax as grown at an average CAGR of 436.10 per cent.