|
OrbiTech plans IPO
Our Banking Bureau
24 November 2001
 Mumbai:
OrbiTech, a
Citigroup firm offering banking software solutions, is planning to
go for an initial public offering (IPO). Says Citigroup
Investments vice-chairman Dipak Rastogi: "We may go for an
IPO after sufficiently broadbasing our investor and customer
bases. But it is too early to say about the timing of the
issue."
"The need for an IPO
is more for creation of value than cash," says Rastogi.
"OrbiTech’s strategy for growth also envisages the
possibilities of strategic acquisitions and investments from
financial and strategic investors."
 Orbitech,
formed by the merger of Citicorp Overseas Securities and Citibank
India Technologies, has targeted a revenue of $62 million this
fiscal. The company has development centres in Mumbai, Chennai and
Hyderabad, and is planning to establish another development centre
in Pune by next year. The company would also be opening sales and
marketing offices in New York and London.
List
of general reports on banks
List of reports on Citibank
|
