eClerx Services IPO opens Dec 4

eClerx Services is eyeing a mop-up of Rs 101 crore from its initial public offering which opens on December 4. The company has priced its Rs 10 share at Rs 270-315 per share in the 100 per cent book building offering. The issue closes on December 7.

eClerx Services proposes to utilise the net proceeds to fund acquisitions, infrastructure investments and for setting up additional facilities.

CRISIL has rated eClerx Services “IPO Grade 3/5”, indicating average fundamentals.

The issue comprises fresh issue of equity shares and an offer for sale by PD Mundhra, Anjan Malik and Burwood Ventures of 890,000 equity shares.

Book running lead managers to the issue are JM Financial Consultants and Edelweiss Capital.

The shares will be listed on the National Stock Exchange and Bombay Stock Exchange.

eClerx Services’ portfolio of services comprises data analytics, operations management, data audits, metrics management and reporting services. It provides service solutions using a mix of custom designed data processes with the assistance of delivery teams comprising generalists and domain specialists, and in-house software to automate processes.

The company’s unconsolidated revenues grew to Rs 86.23 crore in 2006-07 (Apr-Mar) from Rs 47.75 crore in FY06 and Rs 26.64 crore in FY05 at compound annual growth rate of 79.9 per cent. Profit after tax grew to Rs 40.52 crore in FY07 from Rs 24.04 crore in FY06 and Rs 11.22 crore FY05.

For the six months ended September 30, 2007, eClerx’s unconsolidated revenues were Rs 51.44 crore while net profit was Rs 16.47 crore.