SEBI cleared Nihilent Technologies’ IPO approval

Nihilent Technologies received capital markets regulator SEBI's approval to raise probable Rs 350 crore through its initial public offering (IPO). The company already filed its draft red herring prospectus (DRHP) to SEBI on December 23, 2015 and cleard on February, 16.  It plans to raise Rs 140 crore by issuing new shares while 24.38 lakh shares will be offered by existing shareholders.

The money raised from IPO will be utilised towards acquisitions and other strategic investments, development of new software platforms, repayment of loans and other for other general corporate purposes. Nihilent Technologies recently acquired 51 per cent stake in Intellect Bizware Services and remaining 49 per cent stake will purchase through raised money from IPO.

Nihilent Technologies’ IPO book buliding process lead manager is Motilal Oswal Investment Advisors. The company’s shares are proposed to be listed on BSE and NSE. After completion IPO issue, the shareholding pattern of Nihilent Technologies promoters will own around 79.28 per cent of the outstanding equity shares.

On financial front, Nihilent Technologies’ revenue increased by 10.32 per cent to Rs 2678 crore in FY15 as compared to previous fiscal year. However, the company’s EBITDA decreased by 6.54 per cent to Rs 627 crore in FY15 on yearly basis as 14.86 per cent increment in employee expense during the year. Its net profit declined by 9.63 per cent to Rs 411 crore in FY15 as compared to previous financial year.

Nihilent Technologies is a Pune based global consulting and solutions integration company. The firm has experience in international consulting, IT outsourcing and services. The company operates in North America, UK & Ireland, Africa, Middle East, Australia and Asia.  Nihilent Technologies’offers a range of consulting led services in a cross section of industry domains like BFSI, Supply Chain & Logistics, Oil & Gas, Mobile Computing and Telecommunications, Media & Entertainment, Government and State-run Enterprises, Technology & related services, Healthcare, and Small and Medium Enterprises.