The Telegraph
Since 1st March, 1999
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Patni plans maiden float after September

New Delhi, June 4: Patni Computer Systems Pvt Ltd, the company where Infosys founders Naryana Murthy and Nandan Nilekani once worked, will come out with its Initial Public Offer (IPO) after September. It also plans to offer employee stock options.

Although company officials were reluctant to talk about a specific time window for the IPO or divulge details about its size, Satish Joshi, senior vice president Patni Computer, said, “The IPO will happen and there will certainly be a domestic float. We cannot rule out a listing abroad. But we will wait for the market situation to improve. By September, the basic requirements and other details are expected to be finalised; the flotation can happen anytime after that.”

“We are not looking at IPO to generate resources, but to bring about transparency, visibility and to give stock options to our employees. It is difficult to predict at this stage where (listing will happen), how much (the quantum) and when,” he added.

Patni registered a 33 per cent growth in revenues in 2002 (January-December) at $ 188 million and hopes to repeat the performance this year.

It expects to get more than 15 per cent of revenues from its new business process outsourcing operations in the US and India. “It is an emerging area and we already had the capabilities as early as 1997-98. We will bring in those strengths to get more business,” said Deepak Khosla, general manager marketing, Patni Computer Systems.

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