A software services company which develops and maintains computer software in India and internationally, InfoBeans Technologies Ltd., (ITL) is coming up with its SME Initial Public Offer (IPO). ITL’s services can be broadly categorized as Storage & Virtualization, Media & Publishing and E-commerce. The issue has opened on April 18 and ends on April 21, 2017 for subscription, and the issue size consists of 6,342,000 shares of Rs 10 each, aggregating up to Rs 36.78 crore. The lot size is of 2000 shares and the upper price band is fixed at Rs 58 per share.
The objective of the issue includes acquisition and other strategic takeovers, technical development, investment in subsidiaries, advertising and sales promotion, general corporate purpose and issue expenses.
The company offers automated testing services such as enterprise cloud solutions to automate operations like IT helpdesk, asset management, enterprise service management and virtual support workflow; UX and UI design services; and custom application development services, including application development, maintenance and support, migration, re-engineering and modernization, and quality assurance services.
On performance front, the company has (on consolidated basis) posted revenue/net profits of Rs 38.14 crore / Rs 7.02 crore (FY14), Rs 43.03 crore / Rs 5.55 crore (FY15) and Rs 74.40 crore / Rs 13.20 crore (FY16). It suffered a setback in FY 15 in bottom-line. For the first nine months of the current fiscal, it has earned net profit of Rs 7.84 crore on revenue of Rs 62.72 crore.
Educational Institutions in Kerala shut amid continuous rain Thiruvananthapuram sources have stated that Heavy rains continued to batter Kerala on Sunday causing widespread damage, landslip and water logging in various parts with the state government announcing a holiday today in educational institutes. With the south west monsoon rigorous over the state and the Met office predicting more rains including very heavy spells at a few places over the next two days
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