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| Bartronics India mulls US listing |
| K Rajani Kanth / Hyderabad Dec 02, 2008, 00:52 IST |
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Bartronics India, a Hyderabad-based provider of automatic identification and data capture solutions, said it is contemplating getting listed in the US — either on the Nasdaq or the New York Stock Exchange (NYSE) — as soon as the market situation becomes a little more conducive.
“The listing proposal is not part of any fund-raising exercise. It is from the general investors in the US with whom the company held a meeting recently. The idea is to make the US investors more comfortable in dealing with Bartronics,” the company's Managing Director and CEO Sudheer Rao told Business Standard. However, he declined to give any timeline for the listing. At present, foreign institutional investors hold nearly 15 per cent in the company.
The company had earlier thought of taking its US subsidiary, Bartronics America, public and list it on the US bourses. However, with the markets unlikely to recover in the near-term, it is zeroing in on the parent company for the purpose, he added.
Bartronics, which earlier this year announced its plans to acquire a European company engaged in radio frequency identification (RFID) technology and smartcard solutions for approximately Rs 250 crore, has put on hold its plans.
It has also deferred its plans to expand into other geographies due to concerns over the global economic recession.
“Sitting pretty on cash piles of over Rs 55 crore, we are now adopting a cash-conservative strategy with focus on the domestic market. The money would be utilised for working capital requirements including increasing our internal efficiency, productivity and optimisation, rather than entering newer markets. This strategy will be in place at least for the next 12 months,” Rao said.
He said the company had not witnessed any backtracking in order from the US as it has 12 clients there in the healthcare, transportation and government and none in the banking, financial services and insurance (BFSI) sector. The company is also not looking at revising its full year guidance of Rs 500 crore revenues, he added.
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