Intrasoft Technologies IPO opens on March 23

CARE assigns GRADE 3 for Intrasoft Technologies IPO

Intrasoft Technologies Limited (Intrasoft) has decided to open its Initial Public Offering (IPO) for subscription on Tuesday March 23, 2010 and will close on, Friday, March 26, 2010. Intrasoft Technologies operates the website www.123greetings.com, which is by number of unique visitors, is the largest electronic greeting cards website in India and second largest greeting card website in world (according to comScore Media Metrix during the 12 month period from November 2008 to October 2009). Intrasoft has been assigned a ‘CARE IPO GRADE 3’ indicating average fundamentals for its proposed Initial Public Offering (IPO) by Credit Analysis and Research Limited (“CARE”).

Intrasoft has filed the Red Hearing Prospectus with SEBI and ROC to enter the capital markets with an IPO of 37, 00,000 equity shares of face value of Rs.10 each for cash at a price to be decided through a 100% book-building process. The issue will constitute 25.12% of the post issue paid up capital of the company.

As per the grading Report by CARE, “The grading derives strength from Intrasoft owning & operating a leading electronic greeting card website www.123greetings.com through its subsidiaries, long & established track record of successfully maintaining leadership position in e-cards, recognised brand name, experienced management, established relationship with advertisers, adequate technological infrastructure for the present scale of operations and good financial position characterised by comfortable gearing ratios and profitability parameters”.

Intrasoft is approaching the capital markets to fund their requirements for branding & promotions, purchasing corporate office in Kolkata, investment in technology infrastructure and general corporate purposes.

“The company has a team of creative professionals who develop in-house content including artistic, photographic and musical content for our electronic greeting cards. With over 3,000 seasonal & everyday categories, advertising opportunities at 123Greetings stands out due to its reputation, reach and vision”, says Mr.Arvind Kajaria, Managing Director, Intrasoft Technologies Ltd.

According to comScore Media Metrix, 123Greetings.com Website was the largest (by number of Unique Visitors) electronic greeting cards website in India with a sum total of 15,033,248 Unique Visitors during the twelve month period from November 2008 to October 2009. The website received a sum total of 208,330,810 page views and 186 million minutes during this period, according to comScore Media Metrix.

According to comScore Media Metrix the website was the second largest (by number of Unique Visitors) electronic greeting cards website in the world with a sum total of 91,255,566 Unique Visitors, with an average of 396,910 daily visitors and a sum total of 161,178,000 visits during the twelve month period from November 2008 to October 2009.

The shares of Intrasoft Technologies will be listed on the BSE and NSE.

Collins Stewart Inga Pvt. Ltd. and Anand Rathi Advisors Ltd. are the book running lead managers to the issue.