Neoteric applies for IPO

Close on the heals of Allied Dig0ital, which announced its IPO in June last,
it is now the turn of Mumbai-based Neoteric Infomatique to forge ahead in this
direction. The latter has confirmed plans to announce its initial public
offering (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 the get the nod from SEBI,”
shared Nair. He added that the company looked at the IPO in a bid to further its
growth.