Singapore state investor Temasek is getting ready to make an exit in the upcoming public issue of Bangalore-based Infinite Computer Solutions (India) Limited. Temasek, which holds the stake through WhiteRock Investments (Mauritius), is selling its entire 9.7% holding in the initial public offering (IPO). Temasek is set to make a profit of $7 million – $8 million on the investment it made in 2004.
Infinite Computer Solutions is looking at raising Rs. 178-190 crore through the public offer which opens January 11 and closes on January 13. The price band of the issue has been set at Rs 155-Rs 165 a share. The firm had raised funding of $6 million from Temasek in April 2004. Now it is set to cash in $12.80 million – $13.61 million on the five year old investment, making more than 2x.
Infinite will be second company to go for a listing this year in which the PE investors are exiting. Media house DB Corp, in whose IPO PE major Warburg Pincus sold a chunk of its stake, was listed earlier this week. Other companies like IL&FS Transportation Networks, Neptune Developers, Jubilant Foodworks have also filed for listings in which
PEs are selling out.
Infinite provides infrastructure management services, intellectual property (IP) leveraged solutions, and IT Services. For the financial year 2008-09, Infinite Computer had a turnover of Rs 496 crore and a net profit of Rs. 45 crore. Most of its revenues come from application development and some of its clients include IBM, Alcatel-Lucent, General Electric, and Verizon. Infinite is reportedly eyeing acquisition of IT companies in the telecommunications space and a bigger slice of revenues from remote infrastructure management.
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