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Ybrant Technology IPO by Feb, expects to raise Rs120 cr

Ybrant Technology IPO by Feb, expects to raise Rs120 cr
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First Published: Sun, Dec 16 2007. 11 53 AM IST
Updated: Sun, Dec 16 2007. 11 53 AM IST
PTI
Mumbai: Digital marketing company Ybrant Technologies will hit the capital market in the next two months to raise up to Rs120 crore ($30 million) to fuel its acquisition plans, a company official said.
“We expect to come out with our initial public offer in January or February...we expect to raise $30 million,” company CEO Vijay Kancharla told PTI.
Reportedly, pending Sebi’s final observation on its draft prospectus, Ybrant Technologies has raised $20 million through a pre-IPO placement of 2.5 million shares to New York-based venture capitalist and hedge fund Sensar Capital.
Earlier this month, it announced the acquisition of Israel-based online media solutions company Oridian for $13 million, its fourth in the last two years.
In 2006, it acquired US-based MediosOne and Serbian company VoloMP for undisclosed amount followed by online ad network AdDynamix for $10 million in early 2007.
But the buying spree continues and Ybrant could acquire three more companies in the next six months.
“We are talking to companies in the US, UK and Australia in the affiliate marketing and search engine space. The takeovers could be of the size $5-10 million,” Kancharla said.
Ybrant was betting big on the rise of global online ad spend which is estimated to double to $25 billion by 2010.
“We see Indian companies skipping traditional marketing mediums like television and publishing to leverage the benefits of digital marketing,” he said.
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First Published: Sun, Dec 16 2007. 11 53 AM IST