Preludesys India files DRHP for Rs 81.30 cr IPO

Preludesys India, IT enabled business solutions provider, has filed draft red herring prospectus with SEBI for public issue of Rs 81.30 crore.

It offers services like software development, enterprise application services, QA and testing, BPO and strategic sourcing, with a strong focus on specific verticals like manufacturing, media, technology, banking, financial services and insurance.

For the period of six months ended on September 30, 2011, the company reported a consolidated net profit of Rs 2.2 crore on total income of Rs 44.25 crore. For the year ended March 31, 2011, it had posted net profit of Rs 1.7 crore on total income of Rs 13.03 crore.

Preludesys intends to use issue proceeds for setting up of global delivery centre (with an outlay of Rs 11.2 crore); opening 8 branches across USA and Asia Pacific region (with cost of Rs 16 crore); accelerating development and go to market efforts of enterprise mobility solution (with Rs 9.1 crore); and repaying the existing loan (with Rs 8 crore).

Birla Capital and Financial Services Limited is the book running lead manager to the issue.