iValue Infosolutions Files Preliminary Papers For IPO
The proceeds from the entire issue, barring IPO expenses, will go to the selling shareholders.
iValue Infosolutions has filed preliminary papers with the Securities and Exchange Board of India for fundraising through an initial public offering. The IPO will comprise only a fresh issue of 1.87 crore equity shares with no offer-for-sale component.
The face value of the equity shares is Rs 2 each. Promoters Sunil Kumar Pillai, Krishna Raj Sharma and Srinivasan Sriram will offload their equity shares in the OFS, according to the draft red herring prospectus filed with the market regulator.
Investor Sundara (Mauritius) Ltd., an affiliate of private equity firm Cqreador, will also be selling 1.1 crore shares. Sundara had invested $18 million to pick up a minority stake in the business back in 2019.
The proceeds from the entire issue, barring IPO expenses, will go to the selling shareholders. The promoters and the company will not receive any funds from the issue.
Motilal Oswal Financial Services and IIFL Securities are the lead book running managers for the issue, while Kfin Technologies is the registrar for the issue.
The equity shares to be offered through the red herring prospectus are proposed to be listed on the BSE and the National Stock Exchange.
iValue is an enterprise technology solutions provider focussing on securing and managing digital applications and data. The Bengaluru-based company offers security analytics, network security, application management, cloud integration, digital transformation, and risk assessment services to its customers in India.
For the year ended March 2024, the company's revenue from operations stood at Rs 780 crore, a marginal decrease of over 2% from the Rs 797 crore reported during the previous year, according to the DRHP.
Its net profit during the same period rose almost 17% to Rs 70.5 crore. In 2023, the total income of the company stood at Rs 60 crore.
