Taksheel to raise Rs 80 cr funds through IPO

MUMBAI, INDIA: Taksheel Solutions Limited, an IT solutions provider in the wealth management software space, is planning to raise Rs 80 crore through an initial public offering (IPO).

“The wealth management software industry has witnessed an impressive growth in the past few years. To capitalize on this impressive growth, we are planning to set up new SEZ software development centers in Hyderabad and Warangal,” said Pavan Kumar Kuchana, chairman and MD, Taksheel.

He added that the company is also looking to acquire a mid-size IT firm in the wealth management software space.

According to market estimates, the wealth management industry is worth around $3.5 billion.

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Hyderabad-based Taksheel is a 100 per cent export-oriented firm, with 16 large and mid size clients in the US.

In an interaction with CyberMedia News, Kuchana said that the company is looking for an existing SEZ, with an approximate area of 40,000 sq.ft and a seating capacity of around 500 people.

“We are also looking to acquire an IT firm in the wealth management space in the US and have identified a few such companies,” he added.

Taksheel has earmarked Rs 22 crore for the acquisition of the IT firm and around Rs 17 crore will be invested in the software development centers. The remaining amount will be utilized for business expansions and working capital.

Taksheel’s IPO will hit the market on September 29.