Mumbai, June 1 :     Rediff.com India Ltd, the country's leading portal, has set a price range of $10-12 for its issue of $75 million American depository shares (ADS). If everything goes as planned Rediff.com will be India's first dotcom company to be listed on the Nasdaq. Satyam Infoway (Sify) was listed on the US bourse as an internet service provider (ISP). The proposed Nasdaq market symbol would be (REDF). On the basis of $ 10-12 ADS issue price, the pre-issue valuation of the company works out to $ 500-600 million. The Nasdaq listing is being managed by an underwriting group led by Goldman, Sachs & Co and Credit Suisse First Boston, and Robert Fleming Inc as the two co-managers to the issue. Rediff has an accumulated loss of $8.3 million. Its advertising and services revenues spurted by 86 per cent to $ 1.47 million, while its e-commerce segment grew by a whopping 536 per cent to $ 441,000. Merchant banking circles say that players in the Indian dotcom arena will be closely watching the progress of Rediff as the proposed listing follows the meltdown of dotcom shares on the Nasdaq. In an application filed with the Securities and Exchange Commission of the US yesterday, the company said it would offer 4.6 million American depository shares, each representing half the Indian share (one Indian share equals two ADS), company officials said today. Although the company had received approvals to raise foreign equity of $ 75 million (about Rs 330 crore) through ADS, including green-shoe option and ADR-linked employees' stock options (ESOP), the company has mentioned that it would raise only $ 60 million, they said. The company's shareholders include Draper India International, Intel Corporation, GE Capital Services, Citicorp Finance, and Pacific Century Cyberworks India. Rediff.com's website consists of interest specific channels, community features, local language editions, search capabilities and online shopping.Rediff's monthly page views have grown from approximately 13.2 million in April 1999 to approximately 70 million in March 2000. While internet usage is at an early stage in India, the industry expects rapid growth to come in the future. The International Data Corporation (IDC) has projected that the number of internet users in India will increase from 1.0 million in 1999 to over 17.2 million by 2004, which represents a compounded annual growth rate of 79 per cent. Rediff expects rapid growth in India to come from Government of India's promotion of internet kiosks in smaller towns and villages and the proliferation of Internet cafes, which are sometimes referred to as cybercafes. 'We believe that our market opportunity also includes the global Indian community living outside India', it said in the prospectus. In its prospectus, Rediff says that it is well positioned to capture the growth opportunities of the internet in India. 'Our breadth and depth of service offerings is complemented by our ability to innovate and meet the demands of our users. Our objective is to strengthen our position as the leading internet portal focusing on India and the global Indian community', the prospectus said. The proceeds from the issue will be used to develop content for its portal, advertising and brand promotion and strategic acquisitions.