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July 13, 2000

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 Company  SIP Technologies
 Market Price  Not listed
 Lead manager  Jardine Fleming India Securities, Cazenove India (Holdings)
 Listing At  BSE, NSE, Madras
 Opening/Closing  Bid - July 12/July 18, Public issue - August 1/August 3
 Promoters K C Raghunathan, K C Sukumar, SIP Industries
 Associate Co.  SIP Industries, Bionnics Equipment, SIP Florals
 Managing Director  K C Sukumar
 Post-issue Stake  61.10%
 Issue  
 Size  1.25 mn shares. Book Bldg - 1.125 mn shares, FP - 3.75 mn shares
 Price  Floor Price - Rs 235
 On Application  —
 On Allotment  —
 Objective  Set up marketing offices and development centers. Fund joint ventures and acquisitions
 Business  
 Product  Product development, software development, technology development
 Location  Madras
 Project cost  Rs 451.4 million
 Funded by  Public issue and a Rs 45 million loan
 Kensource projections  (2001)
 Sales  Rs 204.8 million
 Profit  Rs 76.5 million
 Earnings per share  Rs 12.75
 Return on equity  28%
 CommentRelies on Sun Microsystems for 75% of its revenue. Core strength is Java technology which faces risk of obsolescence. Moreover, high quality software professionals are hard to come by
 Rating *  B

* A=Subscribe & Hold ; B = Subscribe & Watch C=Subscribe & Sell ; D = Avoid

By Kensource Information Services Pvt. Ltd.

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