Financial Daily from THE HINDU group of publications
Saturday, Apr 24, 2004

News
Features
Stocks
Cross Currency
Shipping
Archives
Google

Group Sites

Info-Tech - Software
Markets - IPOs


Sasken likely to float IPO to raise Rs 100 cr

Vishwanath Kulkarni
Abhrajit Gangopadhyay

Bangalore , April 23

SASKEN Communication Technologies, a telecom software solutions provider that counts Intel Capital and Citigroup among its investors, plans to raise close to Rs 100 crore through its IPO within six months, according to investment banking sources.

DSP Merrill Lynch, Kotak Mahindra Capital and Enam Financial Consultants are likely to be the lead managers to the issue. Details of the issue pricing are not known.

The company spokesperson refused to confirm the development, terming it "speculative".

Sasken had earlier talked about its IPO ambitions, but a downturn in the technology sector had forced it to shelve such plans.

The company is likely to utilise a portion of its IPO proceeds to fund its infrastructure expansion plan. It is setting up a new development facility at the Electronics City in Bangalore.

Sasken, which employs close to 1,400 staff, expects to hire some 400 professionals in the current year.

The company recently announced its plans to set up a development facility at Pune, where it aims to employ about 100 persons over the next six months.

Sasken reported a net profit of Rs 1.27 crore on revenues of Rs 109 crore during the fiscal ended March 31, 2003 against a net loss of Rs 15.6 crore on revenues of Rs 108 crore the previous year.

The company earns about 80 per cent of its revenue from wireless markets and the rest from the network equipment segment.

Sasken writes software for wireless devices that capture pictures, download movie clips and perform other functions.

Its clientele includes telecom majors like Motorola, NTT DoCoMo and Nortel.

The company provides software to six of the world's top 10 handset manufacturers, three of the top five wireless semiconductor manufacturers, and many of the largest network equipment companies.

Meanwhile, the company has claimed that it has become the first Indian telecom software company to TL9000 certification.

TL9000 is a quality management system standard that was established by the Quality Excellence for Suppliers of Telecommunication (QuEST) Forum and defines the quality system requirements for design, development, delivery, installation and maintenance of telecommunication products and services.

More Stories on : Software | IPOs

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
Bharti to merge cellular, basic arms


Samsung rolls out new GSM handsets
Election calls `inconveniencing', says Mittal
Bharti posts Rs 619-cr net; revenues cross Rs 5,000 cr
`Tune Up' PC care service
Sierra Atlantic's centre of excellence
Sasken likely to float IPO to raise Rs 100 cr
Oracle joins enterprise grid alliance
Ittiam Systems net at Rs 4.74 cr
Web-based fingerprint identification module — An ATM for rural areas
VSAT antenna for ATM
Aptech Q4 net rises 38 pc
3Com plans design centre in Hyderabad
TRAI to release proposals on broadband next week
Balasubramanya joins PSI Data as President & COO



The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line