Wednesday, January 13, 2010

Persistent Systems Ltd filed a DRHP with SEBI for IPO

Persistent Systems Limited is planning to coming out with Public issue of 5,419,706 equity shares of Rs 10 each. The company has filed a DRHP (draft red herring prospectus) with SEBI (Securities & Exchange Board of India).

Persistent Systems is one of the market leaders in outsourced software product development services. Persistent are an OPD specialty company, offering customers the benefits of offshore delivery. They design, develop and maintain software systems and solutions, create new applications and enhance the functionality of customers existing software products. Persistent Systems focused areas are telecommunications, life sciences and infrastructure and systems.

In Fiscal 2009, the company made a net profit of Rs. 66.09 crore and had total income of Rs 600.68 crore. For the period of six months ended on September 2009, it has posted net profit of Rs 44.45 crore on total income of Rs 273.91 crore.

The objects of the Issue are to (a) establish development facilities; (b) capitalise Subsidiaries for establishing development facilities and meeting fit outs and interior design costs; (c) procure hardware; (d) fund expenditure for general corporate purposes and (e) achieve the benefits of listing on the Stock Exchanges.

The book running lead managers to the issue are Enam Securities Private Limited and JP Morgan India Private Limited. Link Intime India Private Limited is the registrar.

For more information about Persistent Systems Ltd IPO Prospectus please visit: