Sunday, February 08, 2004

Patni issue oversubscribed 22 times

Offshore software development continues to be hot for the investment community:

The initial public offer (IPO) of Patni Computer Systems has been oversubscribed 22 times. The company is raising $95 million, which is the largest thus far by a software company in the last four years. In 1999, HCL Technologies had come out with $182 million issue.

Amit Chandra, member of the board, DSP Merrill Lynch, said, “The overwhelming response to the Patni book-built issue during the extremely choppy secondary market environment shows the strong investor appetite for high quality Indian paper.”
GE has a 10 per cent stake in Patni and relies on the US company for about 45 percent of its revenues.

This is the company that my brother in GE Atlanta lost his job to. Way to go GE! Cut costs by replacing American workers with Indians, invest in Indian companies and help them go public! GE - you're one class act. Maybe they could take their proceeds and try to get that pesky law about freed slaves overturned.


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