Iris Global Services files IPO papers with SEBI; eyes Rs 200 crore via fresh issue

According to fresh market updates, Iris Global Services, a provider of technology and IT distribution services, has filed draft papers with SEBI to mobilize funds through an initial public offering (IPO).

The proposed IPO comprises a fresh offering of equity shares aggregating up to Rs 200 crore and an offer for sale (OFS) of up to 5 crore equity shares by promoter selling shareholders, according to the draft red herring prospectus (DRHP) filed on Monday.

Under the OFS, promoters Sanjiv Krishen and Kamini Talwar will partially offload their shares.

At present, promoters hold over 98 percent stake in the firm.

The New Delhi-based firm plans to use the IPO proceeds to backing working capital requirements and for general corporate purposes.

The firm plans to mobilise Rs 40 crore in a pre-IPO placement. If such placement takes place, the fresh offering size will be reduced accordingly.

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Set up in 2009, Iris is engaged in IT distribution and services. It started with the aim of providing cost-effective products & solutions in all areas of IT.

Pantomath Capital Advisors is the sole book running lead manager to the offering, while KFin Technologies is the registrar.