Mumbai: IntraSoft Technologies, the owner of online greetings portal 123Greetings.com, today said it has set a revenue target of Rs52 crore this fiscal.
“We have achieved Rs31 crore in revenues in FY10 and expect Rs52 crore in FY11. Our profit will be around Rs14.7 crore in FY11 against Rs9 crore in FY10,” IntraSoft Technologies’ managing director Arvind Kajaria told reporters after the listing ceremony.
IntraSoft Technologies provides electronic greeting cards through its portal, www.123greetings.com.
IntraSoft shares opened at Rs140 on the Bombay Stock Exchange. After touching a low of Rs123, the scrip recovered and reached a high of Rs 162, up 11.72% 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 Rs53 crore through an IPO last month. The issue opened for subscription on 23 March and closed on 26 March and was subscribed 18.15 times.
On the NSE, the company listed with a premium of 3.44% at Rs150.
The scrip surged by 15.44% over its issue price of Rs145 to touch a high of Rs167.40 on the NSE. On the volume front, over one crore shares changed hands on the two bourses.
“We serviced 90-million unique visitors last year which makes us large enough for advertisers to get attracted to,” he said, adding 99% of the company’s content is in English.