Iris Global Services Files IPO Papers With SEBI For ₹200 Crore Fresh Issue

Iris Global Services Ltd has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The proposed issue includes a fresh issue of shares worth up to ₹200 crore and an offer for sale (OFS) of up to 5 crore equity shares.

The Iris Global Services IPO will also give promoters Sanjiv Krishen and Kamini Talwar an opportunity to sell part of their holdings. Promoters currently own more than 98% of the company. The New Delhi-based firm filed its draft red herring prospectus (DRHP) with SEBI on Monday.

What Is Planned Under The IPO?

According to the Iris Global Services IPO DRHP, the company plans to use the proceeds from the fresh issue to meet its working capital requirements. The funds will also be used for general corporate purposes.

Iris Global Services is separately planning to raise ₹40 crore through a pre-IPO placement. If the placement goes ahead, the size of the fresh issue will be reduced by the amount raised through it.

The OFS will involve the partial sale of shares held by promoters. Unlike the fresh issue, proceeds from the OFS will go to the selling shareholders rather than the company.

What Does Iris Global Services Do?

Iris Global Services started operations in 2009. Its business centres on distributing IT products and providing services linked to technology. The company says its focus has been on making IT products and solutions more affordable for customers.

The company is now looking to raise capital as it continues to fund its working capital needs and business operations. These are among the key Iris Global Services IPO details disclosed in its draft filing.

Pantomath Capital Advisors has been appointed as the sole book-running lead manager for the issue, while KFin Technologies will serve as the registrar.

Also Read - Jindal Supreme IPO Listing: Shares List At A Premium Of Over 31% On BSE