Intrasoft Technologies Limited IPO

Intrasoft Technologies Limited provides electronic greeting card services through website, www.123greetings.com. 123greetings is the largest electronic greeting cards website in India and 2nd largest in the world.

123greetings has range of over 20,000 electronic greeting cards designed to cater to varying geographical and religious celebrations, occasions and other events. IntraSoft has priced its IPO of 37,00,000 equity shares of face value Rs 10 each in the Rs 137 to Rs 145 per share band.

The company will raise Rs 50.69 crores at the lower end of the price band, which is 13.7 times the face value, and mop up Rs 53.65 crores at the upper end, which is 14.5 times the face value.

The issue constitutes 25.12% of the post issue paid up capital. At least 50% of the book build issue will be reserved for QIBs; not less than 15% reserved for non-institutional bidders and 35% reserved for retail individual bidders.

IntraSoft plans to fund the company’s requirements for branding & promotion, purchasing a corporate office in Kolkata, and 'investment in technology' infrastructure from the issue proceeds. CARE has assigned IPO Grade 3 to the IPO, indicating average fundamentals.

Website http://www.itlindia.com
Issue Open 23-Mar-2010
Issue Close 26-Mar-2010
Issue Type Book Building
Face Value Rs.10/
Price Range Rs. 137/- to Rs. 145/-
Market Lot 40 Minimum Order Qty 40
Listing Stock Exchange Mumbai, NSE
Registrar To The Issue Link Intime India Pvt Ltd.
Registered Office Address A-502, Prathamesh, Raghuvanshi Mills Ltd Compound, Senapati Bapat Marg, Lower Parel, Mumbai - 400013

Shree Ganesh Jewellery House Ltd IPO

The Initial Public Offering (IPO) of Shree Ganesh Jewellery House Limited has opened for subscription by investors today - March 19, 2010.

The Rating Agency CARE has assigned IPO Grading of Care IPO Grade 3. Axis Bank Limited, ICICI Securities Limited and Avendus Capital Private Limited are the Book Running Lead Managers to the IPO.

Enam Securities Private Limited, Ashika Stock Broking Limited, Prabhudas Lilladhar Private Limited and Reliance Securities Limited are the Syndicate Members to the issue.

Shree Ganesh Jewelery House Limited is one of the largest manufacturers and exporters of handcrafted gold jewellery in India. Company’s products include handcrafted and hallmarked gold jewellery, gold enameled jewellery and gold jewellery studded with precious stones such as diamonds, rubies, emeralds, sapphires, pearls, etc. and semi-precious stones such as garnet, cubic zirconium, etc.

There portfolio includes rings, earrings, pendants, bracelets, necklaces, bangles and medallions. Shree Ganesh also plans to set up units in Dubai and Singapore and expand its export footprint into new geographies such as Europe, Australia and Africa. The Middle East, Singapore and Hong Kong are the major export markets for the firm.

Registered Office Address ;413, Vardaan Market, 25A, Camac Street, Kolkata - 700 016
Email investors@sgjhl.com

Website http://www.sgjhl.com/

Issue Open 19-Mar-2010

Issue Close 23-Mar-2010

Issue Size 1,42,69,831 Equity Shares

Issue Type Book Building

Face Value Rs.10/-

Price Range Rs. 260/- to Rs. 270/-

Tick Size Re.1/-

Market Lot 25

Minimum Order Qty 25

Listing Stock Exchange Mumbai, NSE

Registrar To The Issue Link Intime India Pvt. Ltd.

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Persistent Systems Details

Persistent Systems Limited (PSL) is one of the market leaders in Outsourced software Product Development (OPD) services. It designs, develops and maintains software systems and solutions, create new applications and enhance the functionality of its customers’ existing software products.

Issue Details;
Listing NSE & BSE
Offer Open date 17th March 2010
Offer Close date 19th March 2010
Promoter Dr. Anand Deshpande
Price Band 290-310
Industry IT

Equity shares prior to issue (Cr) 3.6
Shares offered (Cr) 0.4
Equity shares post Issue (Cr) 4.0
Shareholding Pre Issue Post Issue
Promoters 43.3 38.9
Others 56.7 61.1
Total 100.0 100.0


One of the leading players in the OPD segment

PSL is an OPD specialty company, offering its customers the benefits of offshore delivery. Over the past five years, it has contributed to more than 3,000 product releases for its customers. It has been recognized as one of the leading technology companies in the Deloitte Touche Tohmatsu Technology Fast 500 Asia Pacific 2009.

Offers full product development services including value addition

It provides a broad range of services to its customers that support their software products throughout the full product life-cycle. These offerings are suitable for companies of all sizes. Its services range from research and prototyping, development and testing, consulting services and deployment, and support and maintenance

Backed by strong financial;

Over a three-year time frame, Persistent Systems has seen its revenues grow at a compounded annual rate of 40 per cent to Rs 600.6 crore in 2009, while net profits grew at 22.3 per cent to Rs 66.9 crore. It also has been enjoying net margins in excess of 16 per cent consistently over the last several years, barring 2008-09, when it was hit by a 170 per cent increase in operating and other expenses

Key Concern: Tax burden to increase beyond FY11;

If the tax exemption under STPI scheme is not renewed beyond FY11, Persistent’s tax as a percentage of profit before tax is likely to jump to 20-25 % from less than 10% now. It may reduce its net margin by over 100 bps. To mitigate this impact, the company has decided to invest in its SEZ in Hyderabad. New projects will be executed from the SEZ unit, which would enjoy tax exemption,

Valuation & Recommendation;

At the higher end of the price band i.e. at Rs 310, PSL is available at an attractive P/E of 11.7 based on annualized profit of the first nine months of 2009 and post IPO equity. Being a pure play OPD company & the segment also poised for healthy growth over the next few years, we recommend a SUBSCRIBE on the company for listing gains as well as for a medium to long term horizon.

Company Background;

Persistent Systems Limited (PSL) is one of the market leaders in Outsourced software Product Development (OPD) services. It is an OPD specialty company, offering its customers the benefits of offshore delivery. It designs, develops and maintains software systems and solutions, create new applications and enhance the functionality of its customers’ existing software products.

Its OPD services allow its customers to release management bandwidth, to reduce time-to-market,
improve the quality of their products, reduce risk of failure during the engineering development process, improve predictability and reliability of the engineering process, while helping them lower their over-all product engineering costs. It has depth of experience in the focused areas of telecommunications, life sciences and infrastructure. It has invested and plans to continuously invest in new technologies and frameworks in the areas of cloud computing, analytic, enterprise collaboration and enterprise mobility. Its customers range from several global software companies to early-stage companies that are developing. As of December 31, 2009, it has over 37 customers that have over $1 billion in annual revenue. It has already built a team of more than 3,700 software professionals well versed in the product development process.

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Persistent Systems IPO

Persistent Systems, the Pune-based software firm has revived its plans for an IPO, The Anand Deshpande is a founder and CMD of the company,


it has been ranked as one of the fastest-growing companies on the Deloitte Technology Fast 500 Asia Pacific 2009 list. The ranking is based on percentage revenue growth over three years.


The company had net profit of around Rs 55.5 crore on revenues of Rs 314.4 crore for the year ended March 2007.


About Persistent Systems

Established in 1990, Persistent Systems is recognized as an award-winning technology company specializing in software product development services. With 4,200+ employees, innovative business models, and reusable assets and frameworks,Persistent Systems has delivered over 2,400 software product releases to their 175+ customers in the last six years. For more information, please visit: www.persistentsys.com

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