Financial Daily from THE HINDU group of publications
Friday, Feb 04, 2005
Allsec Tech plans IPO to raise Rs 60 cr
Raja Simhan T.E.
Chennai , Feb. 3
ALLSEC Technologies Ltd, the Chennai-based provider of call centre support services, is planning an initial public offering. It plans to raise Rs 60 crore from the issue for expansion and acquisition plans, Mr Adi Saravanan, who promoted the firm along with Mr Jagadish Ramamoorthy, told Business Line.
The issue would be through 100 per cent book building, and the company would file a prospectus with SEBI within a week.
IL&FS and Kotak Mahindra are book building lead mangers, he said. "We are the first third party voice-based Indian company to go for an IPO," he said.
According to Mr Saravanan, the company plans to increase its manpower to around 1,700 employees from the present 900 in the next few months. Since its inception in February 2000 as a 100-seat contact centre, and with an investment of Rs 10 crore, the company has scaled up to a 675-seat centre in two locations in the city, he said.
Dr Bala V. Balachandran, who heads the Accounting Research Centre at Kellogg Graduate School of Management, advises Allsec on strategies and corporate governance. He is also the non-executive Chairman of Allsec.
Kotak Mahindra Venture Capital Fund and Eurindia Ltd, a global India-centric venture fund based out of Mauritius, are key investors in the company, Mr Saravanan said.
Allsec caters to customers across the globe delivering inbound and outbound solutions. Its services include voice support, chat support and email support.
It also offers business process outsourcing solutions, said Mr Saravanan.
Its major clients include the US-based CompuCredit Corporation, which extended its relationship with Allsec in June 2004 to manage consumer loan portfolios.
The extended relationship is expected to bring in minimum revenue of $30 million to Allsec in the next three years, officials said last year at a press conference.
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