New IPO alert: Iris Global Services files papers with SEBI; eyes ₹200 crore via fresh issue

Iris Global Services Ltd, a provider of technology and IT distribution services, has filed draft papers with SEBI to raise funds through an initial public offering (IPO).

The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹200 crore and an offer for sale (OFS) of up to 5 crore equity shares by promoter selling shareholders, according to the draft red herring prospectus (DRHP) filed on Monday.

Under the OFS, promoters Sanjiv Krishen and Kamini Talwar will partially offload their shares.

At present, promoters hold over 98% of the stake in the company.

The New Delhi-based company plans to use the IPO proceeds to support working capital requirements and for general corporate purposes.

The company plans to mobilise ₹40 crore in a pre-IPO placement. If such placement takes place, the fresh issue size will be reduced accordingly.

In the DRHP, Iris Global Services said it proposes to use the net proceeds from the offer to fund the company’s working capital requirements and for general corporate purposes.

“In addition to the aforementioned objects, our company expects to receive the benefits of listing of the equity shares on the stock exchanges and enhancement of our company’s brand name amongst our existing and potential customers and creation of a public market for our equity shares in India,” Iris Global Services said in the DRHP.

Pantomath Capital Advisors is the sole book running lead manager to the issue, while KFin Technologies is the registrar. Shares of the firm will be listed on both the National Stock Exchange and the Bombay Stock Exchange.

Founded in 2009, Iris is engaged in IT distribution and services. It started with the aim of providing cost-effective products & solutions in all areas of IT.

Iris Global Services helps businesses maximise the value of the technology they make, sell or use. The company has a nationwide infrastructure and focuses on IT hardware distribution and technology solutions, enabling its business partners to operate more efficiently across the markets they serve.