Close on the heals of Allied Digital, which announced its initial public offering (IPO) in June 2007, it is now the turn of Mumbai-based Neoteric Infomatique to forge ahead in this direction. The latter has confirmed plans to announce its IPO. Sharing details on the initiative, Anup Nair, Senior Manager-Corporate, Neoteric Infomatique said, "We have applied to SEBI for the same. The procedure normally takes over 45 days."

Once the company gets clearance from SEBI, it will announce the dates when the IPO will be open for subscription. Through the IPO, Neoteric is looking at raising Rs 50 to 60 crore. It is looking at an IPO of 6.97 million equity shares of Rs 10 each (face value). "The market value will be dependent on several factors. We will fix on the final value once we get the nod from SEBI," shared Nair. He added that the company looked at the IPO in a bid to further its growth. "Across the country, we are known as a fast growing company, and this step is essentially to feed out growth," said Nair.

With the IPO in place, Neoteric will be the fourth distributor in the country to go the IPO way, after Tulip IT Services, Redington and Allied Digital Services.

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