Mumbai, February 6, 2004: Patni Computer Systems Ltd., India's sixth largest IT company*,
has received overwhelming response to its 100% book built Initial Public Offering (IPO).
Patni's is the first Public offering or the year 2004. The price band was fixed at Rs 200-230
per equity share of face value of Rs 2. The issue was subscribed 22 times and all categories of
the issue have been well oversubscribed. Most of the bids were received at the upper end of
the price band of Rs 230 per share and majority of the retail bids came at cut off. The
company has decided to price the issue at 230 per equity share of face value of Rs 2.
Commenting on the success of the IPO, Narendra K Patni, Chairman & CEO, Patni Computer
Systems Ltd. said, "We are very happy with the response from the investors. We hope to
create long-term relationships with our investors and we wish to thank all who have
participated in the success of this issue."
Patni offered 18,724,000 equity shares comprising fresh issue of 13,400,000 equity shares of
Rs 2 each and an offer for sale of 5,324,000 equity shares of Rs 2 each. Patni will list the
equity shares on The Stock Exchange, Mumbai and National Stock Exchange of India Ltd.,
around February 25 2004. The Offer constituted 15% of the fully diluted post issue paid up
capital of Patni.
Patni recorded total revenues of US $188.3 mn (approximately Rs. 9037 million) in 2002 and
US $180.5 mn (approximately Rs. 8264 million) for nine month ended September 30, 2003,
based on consolidated financial statements prepared in accordance with US GAAP. Over the
last three years Patni, has shown a consistent CAGR of 36.4% in revenues.
DSP Merrill Lynch Ltd. and Kotak Mahindra Capital Company Ltd. were the Book Running Lead
Managers while Citigroup Global Markets India Pvt. Ltd. was the Co-Book Running Lead
Manager.
About Patni
Patni Computer Systems Limited (BSE: PATNI COMPUT, NSE: PATNI) is a global IT Services
provider servicing Global 2000 clients in the Manufacturing, Insurance, Banking & Financial
Services, Retail, and Energy & Utilities industries. With a skilled employee strength of over
8,000; multiple offshore development facilities across seven cities; and 22 international offices
across the Americas, Europe and Asia-Pacific; Patni has registered revenues in excess of US
$250 million for the year 2003.
Patni's technology focus spans e-business solutions, enterprise applications, embedded
technology solutions and enterprise systems management. Its service offerings include
application development and reengineering, application management and business process
outsourcing.
Committed to quality, Patni adds value to its client's businesses through well-established and
structured methodologies, tools and techniques.
Patni is an ISO 9001:2000 certified and SEICMMi
Level 5 organization, assessed enterprise wide at P-CMM Level 3. In keeping with its focus
on continuous process improvements, Patni adopts Six Sigma practices as an integral part of its
quality and process frameworks.
For more information on Patni please visit www.patni.com
*Source: Nasscom: Export Revenue Rankings for 2002-03, excluding MNCs. |
