Intel Capital-backed online greeting cards firm Intrasoft Technologies, which operates under the brand, opened at 3.4% discount(at BSE) to its issue price of Rs 145, hit a high of Rs 167 and in early morning trade quoting at 156 a share, a premium of 7.5% to its issue price.

This could be considered a reasonably successful debut for one of the rare dot com firms going public. The company had raised Rs 54 crore through the IPO by diluting 25.12% equity. At the current price the company commands a market cap of around Rs 226 crore(~$ 51 million).

Intel Capital held around 16.3% which got reduced to 12.2% post IPO. It had invested a sum of Rs 20 crore in the company through convertible preference shares in 2007. Its cost of purchase is estimated at Rs 111 (after accounting for bonus issue) which means it is sitting on unrealised gains of 41% in three year old investment.

Kolkata-based Intrasoft is promoted by Arvind and Sharad Kajaria. For the year ended March’09, the company posted an income of Rs 23 crore with a net profit of around Rs 5.3 crore.

Its closest competitor in the offline space is Archies (which incidentally is backed by BCCL). Archies has a market cap of Rs 114 crore(~$ 25.6 million) despite it being over five times the top line and profits that were the same as Intrasoft for the quarter ended June’09. However, Archies reported a loss in FY09 as compared to profits for Intrasoft.

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