Venture-backed Persistent Systems To List In A Year's Time
Sat, 04/08/2006 - 07:09 — Sahad P VPune-based Persistent Systems, an outsourced product development outfit recently funded by US-based venture funds Norwest Venture Partners and Gabriel Venture Partners, will go in for an IPO in a year's time. It's likely to raise some $30-50 million (Rs 200-250 crore) through its public float expected in April 2007. Norwest and Gabriel had invested $18.8 million (Rs 86 crore) in Persistent in December 2005.
"In India we can go public with $15 million. Because not a lot of capital is otherwise available, the IPO route is favoured and that is why you see 4-5 IPOs every month. There are also lower compliance costs and fewer liabilities with CEOs and CFOs in India compared with the US,’’ says Navin Chaddha of Gabriel Venture Capital.
Chaddha also says they are looking at early stage companies - especially in consumer end of the telecom, auto component, financial services, travel or retail sector. [Via Indian Express]
