Intrasoft Technologies files IPO papers with SEBI

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Intrasoft Technologies, owner of 123greetings.com, is planning to enter capital markets. It has filed a draft red herring prospectus (DRHP) with the Securities & Exchange Board of India (SEBI) for a public issue of 37,00,000 equity shares of Rs 10 each. The issue will constitute 25.12% of the post issue paid up capital of the company.

The company intends to utilize the issue proceeds for branding & promotion; purchasing a corporate office at Kolkata and investment in technology infrastructure. Out of proceeds, it is planning to use over Rs 35 crore for above three purposes.

According to comScore Media Metrix, Website was the largest (by number of Unique Visitors) electronic greeting cards website in India with a sum total of 1,46,08,169 Unique Visitors during the twelve month period from September 2008 to August 2009. Website received a sum total of 22,56,11,000 page views and 19,31,99,000 minutes during this period, according to comScore Media Metrix.

For the period ended March 31, 2009, the company reported total income of Rs 10.52 crore and profit after tax of Rs 5.2 crore.

Collins Stewart Inga Pvt Ltd and Anand Rathi Advisors Ltd are book running lead managers to the issue. Link Intime India Pvt Ltd is the registrar.