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ALLSEC IPO opens

ALLSEC Technologies Limited - the voice-based BPO service company - is making an Initial Public Offering through the book built process. The company has set a price band of Rs 135 to Rs 162 per equity share of face value of Rs 10 each. The issue, which opens on April 13, 2005, will close on April 20, 2005. IL&FS Investsmart Ltd and Kotak Mahindra Capital Company Ltd are the book running lead managers. 

It is making a public issue of 3,141,200 equity shares of Rs 10 each, of which 149,600 equity shares are reserved for the employees of the company. The net offer to the public is 2,991,600 equity shares of Rs 10 each. The issue would constitute 26.25% of the fully diluted post issue paid-up capital of the company. The shares are proposed to be listed on The National Stock Exchange of India Limited (NSE) and The Stock Exchange, Mumbai (BSE).

The proceeds of the issue would be utilized to set up a new facility, repay corporate loan, meet working capital requirements and make strategic investments/joint venture.

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ALLSEC is in the process of setting up a 1,000-seat facility in Chennai, as part of the company's expansion plan. The company expects to set up and fill the 1,000 seats in the new facility by December 2005. The investment outlay towards setting up the new facility is estimated at around Rs 38 crore. Currently, ALLSEC has 700 seats located in three facilities in Chennai.

ALLSEC Technologies Limited is a BPO service company providing support services for inbound customer care; technology helpdesk; inbound and outbound tele-services that includes sales, collections, lead generation and market research. ALLSEC also provides third-party quality assurance as well as HR and Payroll processing.

It commenced commercial operations in January 2001 with an initial capacity of 100 seats. Since then, the company has significantly expanded operations to 700 seats and 1,470 people currently. Presently ALLSEC has 10 clients, all of which are either US corporations or Indian subsidiaries of US corporations. An ISO 9001:20OO certified organisation, ALLSEC is currently in the process of obtaining a BS 7799 Certification.

For further information, contact:
A Saravanan, director and president
ALLSEC Technologies Ltd.
Tel: 044 22447070
Moblie: 9840071223