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Point Red Telecom plans Rs 102 crore IPO
Point Red Telecom, manufacturer of WiMAX equipments, is all set to tap capital markets to fund its expansion plans. It has filed draft red herring prospectus with market regulator SEBI for a Rs 102 crore initial public offering (IPO).
Point Red Telecom, manufacturer of WiMAX equipments, is all set to tap capital markets to fund its expansion plans. It has filed draft red herring prospectus with market regulator SEBI for a Rs 102 crore initial public offering (IPO).
It only Indian company manufacturing WiMAX equipments which are certified by WiMAX Forum. It is engaged in designing, manufacturing and supplying of pre-WiMAX, mobile WiMAX, LTE and 4G (fourth generation) products to telecom operators worldwide.
Promoter Gemini Communications (GCL) holds 100% stake in company. A Chennai based GCL is a network integration and telecom company.
Company intends to utilize the issue proceeds for setting up a manufacturing facility at Baddi, Himachal Pradesh, to manufacture 4G equipments; research & development expenditure; and long term working capital requirements. Company estimated cost of these projects at Rs 9,082.71, which entirely get financed by issue proceeds.
For the half year ended September 30, 2010, Point Red reported a consolidated total income of Rs 57.67 crore and net profit of Rs 18.16 crore.
Motilal Oswal Investment Advisors Private Limited is the book running lead manager.
