HTMT`s media arm plans IPO next year

IRIS

MUMBAI: Hinduja TMT (HTMT), chairman, Ashok Hinduja, informed the shareholders of the company during the company`s annual general meeting held in Mumbai on Tuesday that the company's media arm is planning to for an initial public offer (IPO) early next year.

He said that there is a risk element involved as various media companies which came out with IPO`s at a premium a couple of years ago are facing problems of profitability. He added that the main concern indeed would be profitability. He added that the commerce sector has also seen growth, and at the right time. Later , he announced that Shop24Seven India Private Ltd will also go in for an IPO.

Replying to shareholder queries about profit guidance, Hinduja said that the IT segment of the company will grow at 100 per cent every year for the next five years and the bottomline will grow 70 per cent.

Earlier, while addressing shareholders, Solomon Raj, executive vice-chairman of the company said that 80 per cent of the IT business will come from business process outsourcing.

Regarding queries about a possible bonus issue, Ashok Hinduja said that when the time is right, the company will announce a bonus.