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Business Economy

Husys Consulting Limited to launch IPO on Sept 9

Hyderabad, Sept 7 (UNI) Hyderabad-based leading HR Services Company Husys Consulting Limited will launch IPO on September 9.
Husys is all set to offer its equity to Public through fresh IPO on NSE - EMERGE designed for SME’s in India, making it the first HR Company and also the first ever company from Telangana to be listed on the platform, a company statement said here today.
The subscription opens on September 9 (Friday)and closes on September 19 (Monday).
The IPO issue price is Rs 69 and issue type is Fixed Price. The company will raise Rs. 4.19 crore through the public offer of 608, 000 equity shares. The minimum lot size is 2000 shares and in multiples thereafter.
The Lead Manager of the issue is Sarthi Capital Advisors Pvt. Ltd, Mumbai, Registrar and Transfer Agent is Karvy Comuptershare Pvt Ltd, Hyderabad, Market Maker is Choice Equity Brokering Private Limited and the Bankers of the issue are Yes Bank and Axis Bank.
The Company proposes to utilize the net proceeds from IPO capital to be used in repaying working capital facilities of the company, development of cloud based HR Software platform, and up-gradation of the existing IT infrastructure for four existing branches; expansion in both domestic and international markets.
Commenting on the IPO launch, GundlapallyRamalinga Reddy, Founder& Managing Director, Husys Consulting Ltd, said “We have launched a Franchise program in India to catch-up with the growing needs of SMEs in India. Through this program we would like to reach 25 cities in this financial year and 75 cities in next two years.” Outlining vision of the company Mr. Reddy said “Through the Company’s cloud based technology driven by a combination of Social, Cloud, and Mobile technologies, commonly referred as SOCOMO;we would like to enable at least 10 lakh of client employee users by December 2017.”
Husys posted total revenue of Rs 1245 lakh in FY16 as against Rs 926 lakh in FY15. The company recorded a net profit of Rs 38.38 lakh in FY 15-16 as compared to Rs 24.07 lakh in FY14-15.
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