Cybers security firm Inspira Enterprise India, which plans to launch its Rs 800 crore IPO this month, will use the funds garnered through the fresh issue for expanding its presence geographically, especially in the US, its senior official said on Sunday.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

At present, the Mumbai based company has presence in six countries such as Singapore, the Philippines, the UAE, Indonesia, the US and Kenya.

The company is looking to raise Rs 300 crore through the fresh issuance of equity shares. Besides, there will be an offer of sale of equity shares to the tune of Rs 500 crore by Prakash Jain, Manjula Jain Family Trust and Prakash Jain Family Trust.

In an interaction with PTI, Chetan Jain, the managing director of Inspira, said," We are planning to launch our initial public offering (IPO) in this month, mostly before the Christmas vacations. In case we couldn't come out in this month, we will surely launch the public issue in the next month".

The company has already received Sebi's green signal to launch the public issue.

See Zee Business Live TV Streaming Below:

He said that proceeds of the fresh issuance will be utilized to expand the company's presence geographically.

"We intend to focus on building our presence in new markets and addressing the need for digital transformation solutions in new vertical," the company's chief executive officer Manoj Kanodia said.

"We have just opened a office in the US and we are looking to further expand our presence in the US in the next two-three years. Besides, we are targeting Europe and Australia too," he added.

In addition, the funds will be used for repayment of debt and general corporate purposes.

The company provides cyber security and digital transformation services to its clients and have executed large cybersecurity transformation projects, infrastructure and digital transformation projects for various institutions in India.

Inspira, which classifies its business into three categories - cyber security; digital solutions; and integrated enterprise solution—said cyber security vertical contributes 44 percent of the company's revenues.

The company clocked a profit after tax (PAT) of Rs36.1 crore in FY21 and generated a revenue of Rs 803 crore in FY21, which includes Rs 354.5 crore from cyber security solutions. In fact, the cyber security category witnessed 47percent CAGR (compounded annual growth rate) during FY19-21.

At present, Inspira is serving 235 financial institutions and enterprises across sectors and a huge chunk of the company's revenue comes from the financial sector, Kanodia said.

"The company's growth strategies include developing new solutions, expanding our client base, and expanding our presence geographically," he added.

According to Jain, the company has seen tremendous growth in last one-and-a-half years and during this period, its work force strength surged three times to a total of 1,100.

Talking about the cybercrime in the country, he said that India is the second-most target nation for cyberattacks in the world after the US.

In fact, companies across the sizes and sectors are being targeted here.

To stay ahead of time, Inspira's digital security operation centre in Navi Mumbai works 24*7 and constantly monitors cyber security attacks happening across the world. This constant monitoring helps us in serving our clients better, Jain said.

Through its wide range of offerings across multiple verticals and geographies, the company possess capabilities spanning the digital life cycle of services ranging from consultation, architecture, solution design and implementation, to monitoring and providing managed services.