Ybrant Digital, a city based digital marketing solutions provider, is mulling an Initial Public Offering (IPO) by the middle of the next financial year (FY11).
"We filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) in September 2007 to issue 3.5 million shares equivalent to 15.58 percent of the company's equity," chairman and chief executive of the company, Suresh Reddy said today.
However the company did not go ahead with the IPO as planned as the markets were not in favour of IPOs, Suresh Reddy told media persons on the sidelines of launching of 'YReach', a local search platform to enable users to have access to an array of products and services ranging from food and grocery, home care, apparel and accessories, consumer durables, automotive and lifestyle products.
Ybrant is currently evaluating an acquisition opportunity in search marketing, affiliate marketing and content-based business space in the US.
"Some companies are in pipeline and we will go for a pre-IPO placement to fund the deal", Reddy said, declining to divulge the deal amount and the company they are looking for acquisition.
So far, Ybrant has raised USD 55 million from private equity players like New York based Sansar Capital and GE Capital Asia-Pacific and four other hedge funds, he said.
The company tied up with 200,000 businesses to support their YReach and would soon be launched in Mumbai and Ahmedabad, Reddy said.
Ybrant Digital revenues stood at $58 million (Rs266.8 crore) last year and is expected to touch around $70 million for the current fiscal, he said.
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