Data Access IPO gets SEBI clearance

Data Access has got the clearance from SEBI for a Rs 50 crore initial public offer (IPO) which will hit the market by the end of March.

The IPO will be made be made entirely through the book-building route and will comprise fresh issue of 50 million equity shares of face value of Rs 10 each. Nearly 25 per cent of the fully-diluted post issue paid-up capital will be offered in the IPO.

Following this, the company will be listed on the Bombay Stock Exchange and the National Stock Exchange.

SSKI Corporate Finance and Enam Financial Consultants are the book running lead managers to the issue.

The proceeds from the IPO will be used for expanding and upgrading the company''s international long distance telephony network, for meeting the needs of long-term working capital and for repaying borrowings, said the company''snews release.

The company has been in operations in international long distance telephony for 15 months now and claims it is the second largest ILD operator in the country, with over 30 per cent of the market.