| Log in

Nihilent Technologies gets SEBI nod for IPO

22 February, 2016

Pune-based mid-sized IT company Nihilent Technologies Ltd has received approval from the Securities and Exchange Board of India for its proposed initial public offering (IPO).

The firm, which offers consulting and IT outsourcing services, had filed its draft red herring prospectus with the capital markets regulator for its IPO in December.

The company is looking to raise as much as 140 crore (about $21 million) through a fresh issue besides an offer for sale that will see its existing Indian promoters selling part of their stake.

Nihilent is 69.16 per cent owned by Hatch Investments (Mauritius) Ltd. Hatch is an investment holding company jointly controlled by NTT-owned firm Dimension Data Protocol BV and South Africa’s Adcorp Professional Services Ltd.

Hatch was previously part of Nedbank Africa Investment Ltd, which had originally backed Nihilent with Rs 30 crore in funding. This comes across as an interesting and rare case of a firm majority owned by international firms going public in India.

The company plans to use the proceeds of the IPO toward potential acquisitions and strategic initiatives, to repay debt, to purchase IT software, hardware and network equipment for a development centre in Pune and to upgrade its corporate office. It also plans to use the money to develop new software platforms and the remaining for other corporate purposes.

Nihilent had recently acquired a 51 per cent stake in Intellect Bizware Services. It had said in its IPO prospectus that it would also use the net proceeds to acquire the balance 49 per cent stake in Intellect.


Leave Your Comment
Moody's-controlled ICRA to sell software unit to Nihilent Technologies for $10 mn

Moody’s-controlled ICRA to sell software unit to Nihilent Technologies for $10 mn

TEAM VCC 1 year ago
Credit rating firm ICRA Ltd said on Friday it has struck a deal to sell its...
Nihilent Technologies files for IPO

Nihilent Technologies files for IPO

Anuradha Verma 2 years ago
Pune-based mid-sized IT company Nihilent Technologies Ltd has filed its draft...
Nihilent Technologies plans $53M IPO

Nihilent Technologies plans $53M IPO

PTI 2 years ago
Pune-based Nihilent Technologies is planning to go public and is expected to...
No Comments

Nihilent Technologies gets SEBI nod for IPO

Powered by WordPress.com VIP