Chennai-based Edserv Softsystems has filed its DRHP with SEBI on 5th June, 2008 to enter the capital market with a public issue of 40.80 lakh equity shares of Rs10 each at a price to be decided at a later stage by the book building process.The issue comprises of a reservation of 2 lakh equity shares to the employees of the company. The net issue to the public is 38.80 lakh equity shares.
The issue constitutes 32.31% of the post issue paid-up capital of the company.
The company intends to list its shares on BSE and NSE and the BRLM to the issue is Keynot Corporate Services.
The object of the issue is for developing the copyrighted D2J content by HEADS Learning (HEAL) architecture; for establishing the HEAL Lab to develop, test, install, connect, and implement the D2J content across all HEADS offices as back-end and EdCenter as Frontend; for setting up the HEADS offices to reach out to all regions of India; for developing and implementing the copyrighted centralized LAMPS Portal Engine and for the promotion expenses to sign-up and establish Partner-led 200 EdCenters under BMC model across India & South Asia.
The company proposes to deploy Rs 11.20 crores out of the issue proceeds to part finance content development; Rs 10.38 crores for establishing HEAL laboratories; The company will deploy Rs 2.75 crores for setting up HEADS offices and Rs 3.15 crores for development and implementation of centralized lamps portal engine and promotion expenses.
EdServ Softsystems Limited (Formerly known as Lambent Softsystems P Ltd) is a seven
year old IT solutions company, incorporated in 2001, with an objective of providing
integrated learning & placement solutions, customized software solutions, and placement
consulting to clients in the field of IT and non-IT verticals that include Healthcare, Banking,
Financial Services, Manufacturing, Retail sectors among others. EdServ has launched
HEADS, a 4th generation technology education model that uses web based e-learning to
seamlessly integrate manpower demand and supply in number and skills right from
development to deployment.
The company has successfully provided training and staffing solutions to premier IT &
non-IT clients viz., TVS Group, Hewlett-Packard India, Infosys Technologies,
GM financial Services India, Optic Fibre & among others.
For the year ended March 31,2008, the company posted an income of Rs 3.95 crores and net profit of Rs 2.53 crores as compared to an income of Rs 18 lakhs and net profit of Rs 1 lakh for FY07.