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Geekay Imaging to raise Rs 4.7 cr through IPO

Our Bureau

Mumbai, Sept 13

GEEKAY Imaging Ltd, a Bangalore-based software company, has announced its initial public offering of 23,50,000 equity shares of Rs 10 each at a premium of Rs 10 per share.

The company plans to raise Rs 4.70 crore through the issue which opens on September 25 and closes on September 29.

The funds raised from the IPO will be used to establish a software development centre at Hosur Road, Bangalore. For this the company has already acquired 13,000 square feet land.

The company would also set up marketing offices in the United States, United Kingdom and Singapore, said Mr Sreenath P, Vice-President (Finance). Part of the proceeds will be used to meet the capital requirements of the company, such as investment in pl ant and equipment worth Rs 33 lakh.

Geekay plans to invest in projects worth Rs 9.50 crore. Of this, Rs 4.70 crore was proposed to be raised through the IPO, Rs 96 lakh through term loan from State Bank of India while the rest would be financed by proceeds from promoters, friends and relat ives, Mr Sreenath said.

The company offers e-commerce solutions in factory automation and multi-media solutions. The company has also developed Internet Remote Order Processing System, which allows customers to place orders through the Internet.

The company will be listed on the Bangalore and Ahmedabad exchanges.