Mumbai: Technology and IT distribution company Iris Global Services Limited has filed draft papers with the Securities and Exchange Board of India to launch an initial public offering. The filing begins its regulatory review.
According to the draft red herring prospectus, the proposed IPO will include a fresh issue of equity shares worth up to ₹200 crore and an offer for sale of up to 5 crore shares by promoter shareholders.
Promoters Sanjiv Krishen and Kamini Talwar will partially divest their holdings through the OFS. The company’s promoters currently control more than 98 per cent of its equity.
The exact IPO size will depend on the final price band and the number of shares offered. Proceeds from the offer-for-sale component will be received by the selling shareholders and will not flow to Iris Global Services.
How Fresh Proceeds Will Be Used
The New Delhi-headquartered company intends to deploy funds raised through the fresh issue towards meeting working capital requirements. A portion will also be used for general corporate purposes.
Pre-IPO Placement Under Consideration
Iris Global Services may raise up to ₹40 crore through a pre-IPO placement before launching the public issue. If the company completes this fundraising, the size of the fresh issue will be reduced by the corresponding amount.
The placement could allow selected investors to purchase shares before the IPO, while lowering the amount required from the broader public offering.
Company Profile And Business
Established in 2009, Iris Global Services operates across technology distribution and related services. The company was founded to provide cost-effective products and solutions across various areas of information technology.
Pantomath Capital Advisors has been appointed the sole book-running lead manager for the IPO. KFin Technologies will act as the registrar, handling investor applications, allotment processing, refunds and other issue-related responsibilities.
