The Chennai-based Thinksoft Global Services, engaged in providing independent software testing solutions to the banking, financial services and insurance (BFSI) sector, is entering the capital market on September 22 with a public issue of 36.46 lakh equity shares of Rs. 10 each through a 100 per cent book building process at a price band of Rs. 120-130. The issue closes on September 24.
New facility
Addressing presspersons here on Friday, Vanaja Arvind, Executive Director, said the company was setting up a new testing facility at Madras Export Processing Zone in Chennai with an outlay of Rs. 16 crore. The issue was being made to fund the project cost.
She said the company was founded with the objective of providing value added IT services to the global financial sector by offering the offshore model for financial software testing.
Thinksoft, which has its offshore facility in Chennai, had 10 years of experience in the financial domain focussed on testing and had clients in 23 countries. It was a zero debt and dividend paying company since inception, she said and added that the company’s revenues witnessed a CAGR (compounded annual growth rate) of 44 per cent over the past four years.
