Iris Global Services Files IPO Papers With Sebi; Eyes Rs 200 Cr via Fresh Issue

New Delhi: Iris Global Services Ltd, a provider of technology and IT distribution services, has filed draft papers with Sebi to raise funds through an initial public offering (IPO).

The proposed IPO comprises a fresh issue of equity shares aggregating up to Rs 200 crore and an offer for sale (OFS) of up to 5 crore equity shares by promoter selling shareholders, according to the draft red herring prospectus (DRHP) filed on Monday.

Under the OFS, promoters Sanjiv Krishen and Kamini Talwar will partially offload their shares.

At present, promoters hold over 98 per cent stake in the company.

The New Delhi-based company plans to use the IPO proceeds to support working capital requirements and for general corporate purposes.

The company plans to mobilise Rs 40 crore in a pre-IPO placement. If such placement takes place, the fresh issue size will be reduced accordingly.

Set up in 2009, Iris is engaged in IT distribution and services. It started with the aim of providing cost-effective products & solutions in all areas of IT.

Pantomath Capital Advisors is the sole book running lead manager to the issue, while KFin Technologies is the registrar.

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