Everonn Systems IPO to be priced at Rs 125-140/share

Everonn Systems India Ltd will enter the capital market with its initial public offer on July 5. The Chennai-based company plans to raise Rs 50 crore via 100% book building process, the price band for which is Rs 125-140 per share. The issue closes on July 11.

Everonn Systems is a fully integrated knowledge management, education and training company that offers services like creating globally relevant educational training content, designing and executing learning initiatives.

The company intends to use the proceeds of the issue for capital expenditure in its two strategic business units--institutional education & IT infrastructure services, and virtual & technical enabled learning solutions.

It will also utilise the proceeds for mergers & acquisitions, invest in the proposed subsidiary to retail educational aids, tools and other products.

The company has entered into an agreement with Hughes Communication India Ltd, earlier called Hughes Escorts Communication Ltd, as lead partner to help it in developing business for remote education and training through satellite broad band technologies.

India China Pre IPO Equity (Mauritius) Ltd., a fund management company, invested Rs 14.06 crore in Everonn last year by subscribing to 13,27,059 equity shares of Rs 10 each at a premium of Rs 96 per share.

The book running lead manager to the issue is Centrum Capital Limited and registrar to the issue is Cameo Corporate Services Limited.