SynfoSys to go public

HYDERABAD: SynfoSys Business Solutions, a Hyderabad-based IT company, plans

to float an equity issue of 20.5 lakh equity shares of Rs 10 each at par

aggregating Rs 2.05 crore. The proceeds of the issue will be utilized for the

expansion of the development center in the city and to set up offices in the US,

Dubai and Singapore. The issue will be open for subscription from October 24 to

November 3. The company hopes to get listed on the Hyderabad and Bangalore stock

exchanges.

As part of its expansion plans, SynfoSys would strengthen its software

development center in Hyderabad with high-speed data communication links and set

up overseas offices. The company is presently working on several projects,

on-site and off-site, for customers in the US, Singapore and the UAE. With

projects and consulting services ranging from IBM mainframe to Web-based

technologies and platforms, SynfoSys also covers application areas including

re-engineering, datawarehousing and product development.

The company has an agreement with IDNS.net International Private Limited of

Singapore for developing the multilingual domain in Indian regional languages as

well as Arabic. This activity is expected to bring in annual revenues of Rs 5

lakh. The company is also developing Internet based stock trading in association

with xPlatform of Singapore. SynfoSys will develop payment gateways as well as

look after WAP enabling of the project.