Sunday, March 14, 2010


Type of Issue : Book Built
Issue Opens: 17 March, 2010
Issue Closes: 19 March, 2010

Issue Size : 5,419,706(No. of Shares)

Lower Price Band: Rs.290
Upper Price Band: Rs.310

Total Issue Size: Rs.168 Crores

Application Multiple: 20 and in multiples there off starting with atleast 20 shares.

Maximum Shares: 320 (for Retail)

Information URL:

Registrar to the Issue : LINK INTIME INDIA PVT LTD

Company Background

PSL is one of the market leaders in outsourced software product development services. PSL is an OPD specialty company, offering its customers the benefits of offshore delivery. They design, develop and maintain software systems and solutions, create new applications and enhance the functionality of its customers‘existing software products. They deliver services across all stages of the product life-cycle, which enables them to work with a wide-range of customers and allows them to develop, enhance and deploy its customers‘ software products. PSL has been recognized as one of the leading technology companies in the Deloitte Touche Tohmatsu Technology Fast 500 Asia Pacific 2009. The Company has depth of experience in the focused areas of telecommunications, life sciences and infrastructure and systems. They Company has invested in new technologies and frameworks in the areas of cloud computing, analytics, enterprise collaboration and enterprise mobility. PSL won the 2008 NASSCOM Innovation Award. The company’s comprehensive suite of service offerings allows it to attract new customers and expand existing customer relationships. Over the past five years, they have contributed to more than 3,000 product releases for its customers.

Operating from world-class development centers:
Persistent enjoys a presence in three continents across the globe. The company has nine development centers in Europe, America and Asia. In India, they operate from Pune and accommodate massive teams of development engineers in three buildings -Bhageerath, Pingala and Aryabhata, which are within a couple of miles from each other. The company’s Corporate Headquarters, Bhageerath, is today, renowned as one of Pune's architectural landmarks. While the company’s hub is located in Pune, their network fans across to Nagpur, Goa, Hyderabad and Bangalore.

Safeguarding customer data:
At Persistent, securing critical data is of outmost importance. PSL builds multiple firewalls and Virtual Private Networks (VPNs), ensuring the company’s development teams operate from different network domains. In addition to this logical separation, the teams are physically separated from other units and work in a restricted, card-based-access location. Thus they keep customer data 100% secure


The Company’s consolidated revenues, as restated, was Rs.5,938.31 million, Rs.4,248.50 million and Rs.3,156.28 million in each of Fiscal 2009, 2008 and 2007, respectively. PSL’s consolidated revenues grew at an annual growth rate of 39.77%, 34.60% and 45.79% during Fiscal 2009, 2008 and 2007, respectively. The company’s consolidated net profit, as restated, was Rs.667.64 million, Rs.833.84 million and Rs.572.41 million in each of Fiscal 2009, 2008 and 2007, respectively. PSL’s consolidated net profit as restated, declined by 19.93% during Fiscal 2009 and grew at an annual growth rate of 45.67% and 55.49% during Fiscal 2008 and 2007, respectively. OPD business is growing at a CAGR OF 19%,

Objects of the issue

1. Establishment of development facilities
2. Capitalise our Subsidiaries for establishing development facilities
3. Procuring Hardware


At the higher end of the price-band, Persistent demands a PE of 11.7 based on annualized profit of the first nine months of 2009 and post IPO equity, Since Persistent is a pure OPD player, there are no listed comparisons but other similar sized Its companies trade at a P/E lower than 10.

Company Details:

PUNE - 411 016

Tel : +91-20-30242000
Fax : 91-20-25657888

Email :
Website :

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