IntraSoft aiming to cross Rs 50-cr turnover mark in FY11

IntraSoft Technologies, the owner of online greetings portal 123Greetings.Com, today said it has set a revenue target of Rs 52 crore this fiscal.

"We have achieved Rs 31 crore in revenues in FY10 and expect Rs 52 crore in FY11. Our profit will be around Rs 14.7 crore in FY11 against Rs 9 crore in FY10," IntraSoft Technologies' Managing Director Arvind Kajaria told reporters after the listing ceremony here.

IntraSoft Technologies provides electronic greeting cards through its portal, www.123greetings.Com.

IntraSoft shares opened at Rs 140 on the Bombay Stock Exchange. After touching a low of Rs 123, the scrip recovered and reached a high of Rs 162, up 11.72 per cent on the BSE.

"The proceeds of the IPO will be used for purchasing a corporate office in Kolkata and investment in technology infrastructure and for general corporate purposes," Kajaria said.

IntraSoft had raised Rs 53 crore through an IPO last month. The issue opened for subscription on March 23 and closed on March 26 and was subscribed 18.15 times.

On the NSE, the company listed with a premium of 3.44 per cent at Rs 150. The scrip surged by 15.44 per cent over its issue price of Rs 145 to touch a high of Rs 167.40 on the NSE.

On the volume front, over one crore shares changed hands on the two bourses.