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May 22, 2000

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 Company  Irmac Services India
 Market Price  Not listed
 Lead manager  Keynote Corporate Services
 Listing At  Hyderabad, Ahmedabad
 Opening/Closing  May 22, 2000 / May 26, 2000
 Promoters  Nalin Patel, Omprakash Bhandari, Rajesh Patel, N C Krishna, K V Ramana Rao, K V Ratnakumar, K Shrinivasa Chowdhary, Deval Chandra Shekhar, Ray Uppaluri, Veerapalli Chandrakant, Thota Sarvarayudu, Golthi Sathya Prasad
 Associate Co.  None
 Managing Director  K Shrinivasa Chowdhary
 Post-issue Stake  21.72%
 Issue  
 Size  Rs 36.45 million
 Price  Rs 30 (Rs 10, premium Rs 20)
 On Application  Rs 15
 On Allotment  Rs 15
 Objective  Part finance cost of expansion and setting up an overseas office, setting up a development center at Hyderabad
 Business Software Development
 Product  System and application software development, training
 Location  Hyderabad
 Project cost  Rs 137 million
 Funded by  Equity and term loan
 Kensource projections  (2001)
 Sales  Rs 46.10 million
 Profit  Rs 5.52 million
 Earnings per share  Rs 1.13
 Return on equity  7%
 Comment The company has nothing impressive on its cards, too much dependency on Macola Inc, USA might cause problems
 Rating *  D

* A=Subscribe & Hold ; B = Subscribe & Watch C=Subscribe & Sell ; D = Avoid

By Kensource Information Services Pvt. Ltd.

IPO Analysis

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