Computek plans IPO

BANGALORE: Bangalore-based Computek India Ltd., a four-year-old software products and solutions company, is planning to go public in this quarter to raise around Rs 3.1 crore at Rs 10 per share. The IPO proceeds will be used to finance Computek’s expansion plans.

The company has software packages for the educational segment, garment exporters and government departments. To market these, it is appointing 10 distributors. A network of about 100 dealers spanning across the country will be operational by the end of this October. Computek is also in the process of opening marketing offices in Chennai, Hyderabad, Delhi and Mumbai and overseas offices in Canada and the US. These offices will be functional by this September.

Speaking about the company’s products Computek MD Shashank M Shah said, "We intend to leverage our expertise. We already have software packages for various segments and plan to enter new segments to increase our reach."

On the company’s new document imaging and management software, he said that it replaces microfilms and paper. Computek is targeting large corporations and government offices for this software.

The software maker has recorded Rs 2 crore turnover for the year ended March 31, 2000. It has projected a turnover of Rs 14 crore for 2000-01. The company also plans to increase its employee strength from the present 40 to 100 by this year-end.