Navi Mumbai based GlobalSpace Technologies Limited, a software solution provider to pharmaceutical, education, banking, financial services and insurance enterprises, is launching an IPO with an estimated size of Rs.22 crore by the first week of February. The company has filed Draft Red Herring Prospectus (DRHP) last week.
The company will issue 30.34 lakh equity shares of Rs.10 each. After market maker reservation portion, the net issue to the public is of 28.80 lakh shares and post issue its paid-up capital will be of Rs.11.46 crore. Promoters holding will be at 55.3 per cent.
Choice Capital Advisors Pvt Ltd. will be the lead manager for the issue.
The fund will be utilised in R&D development of existing software product platform and expanding base in India and Middle East and North Africa (MENA) region. The company is planning to invest Rs.4.51 crore on R&D and Rs.6.47 crore on brand building exercise through advertising & sales promotion. The company is planning to established new office in Mumbai to accommodate a larger team of R&D personnel, establishment of workstations for PAN India customer support and after sale support services, office equipment.
Its revenues from continuing operations increased by a CAGR of 103% from Rs.82 lakh in financial year 2011-2012 to Rs.13.98 crore in financial year 2015-16. EBIDTA has increased by a CAGR of 66%, from Rs.34 lakh in financial year 2011-2012 to Rs.2.84 crore in financial year 2015-2016.
Krishna Singh, founder, chairman, MD, GlobalSpace Technologies Limited, told Pharmabiz. said “We started operation in 2010 with an aim to focus on developing technology enabled solutions for pharma industry viz. sales force enablement and close loop marketing tool. One of our key offerings for the pharmaceutical industry is "GloDIGITALL", which is a consultation driven end to end mobility solution. It comes as an integrated solution that includes device, technology, content framework and managed services for seamless and rapid deployment.”
GloDIGITALL has 17 features including close loop marketing tool, product management automation and sales force automation, query management, FAQ system, feedback system etc. At present 16 pharma companies are its clients including RPG Life Sciences, Wockhardt.
“Our tool- GloDIGITALL helps pharma industry engage customers in a better way in terms of communication strategy, information dissemination, feedback mechanism from their customers i.e. doctors. All this happens on one platform which is still evolving. It is going to be one stop solution for customers i.e doctors who can access all relevant information as per their reach and at the same time pharma industry can engage doctors in an efficient and effective way,” he said.