Cogent E-Services IPO: Firm files draft papers to mop-up up to Rs 150 crore

Cogent E-Services Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering.  

New Delhi: Cogent E-Services Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The initial share-sale comprises fresh issue of equity shares aggregating up to Rs 150 crore and an offer for sale of up to 994.68 lakh equity shares by promoters, according to the Draft Red Herring Prospectus.

The company may consider a private placement of equity shares aggregating up to Rs 30 crore. If such pre-IPO placement is undertaken, the fresh issue size will be reduced.

Funds raised from fresh issue will be used for funding investment in IT assets for expansion and existing IT infrastructure of the company, support working capital requirements and general corporate purposes.