July 15, 2010 (LBO) - Sri Lanka's PC House, an information technology firm, will raise 630 million rupees in an initial public offering (IPO) to expand its IT enabled services business and product distribution, officials said.
PC House is selling 57 million shares at 11 rupees in an initial public offering that will open on August 05.
"We are investing about 50 percent of the proceeds in an internet data centre and expanding BPO (business process outsourcing) and (knowledge process outsourcing) services," PC House chairman Shaheedul Hijiry Mohamed Rishan told LBO.
"About 20 percent of the money will be investment in expanding product lines and distribution."
PC House has agencies like Dell, Samasung and over 30 computer peripheral brands. It has a 150 seat BPO working for a government agency and wants to set up an accounting services centre.
In the year to March 2010 the firm earned revenues of 3,034 million rupees, up 15 percent from an year earlier, and group net profit of 120 million, Rishan said.
The firm has one fully owned subsidiary.
In April and May the group had posted revenues of 514 million rupees up 30 percent from a year earlier and net profits of 26 million rupees.
"The government has taken a lot of initiatives, they have already started spending, trying to bring IT to the village," says Dharshan Perera, chief exeucutive of NDB Investment Bank that is helping take the firm public.
"That initiative has created an opportunity for companies like PC House."
Vajira Kulatilake who heads the investment banking cluster of the NDB Bank says the firm is also going beyond hardware sales into IT consultancy and networking.
PC House is also expanding its branches. At the moment it has 13 branches around Colombo and 15 outside.
It is planning about seven new branches including Nelliaday, Kilinochchi, Mullativu and Mannar, north of the Island and Hambantota in the south of the island.
Its Jaffna and Vavuniya branches are showing the fastest growth, Rishan said.
source - www.lbo.lk
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