Software firm Birlasoft, part of the C.K. Birla group, will be ready for a public offering in the next few quarters, a senior official said on Friday.
"If we look at all that we're doing ... we're driving all of them so that within the next few quarters, we are able to get to a state that we now call IPO-ready," Chief Operating Officer Avinash Singh said on the sidelines of a press conference.
Singh declined to comment on the timing of the IPO, saying it was for the company's chairman to decide on it.
Birlasoft, in which General Electric has a strategic stake, had said in December it would consider an initial public offering if it met certain milestones, which included improving non-GE revenue.
"We have brought down our GE revenue to about 48 per cent of the total... two years ago, it was 80 per cent," Singh said.
Business from non-GE firms has grown more than 100 per cent on a compounded basis for the last three years, he said.
He said the company expects GE revenue to come down to 37 per cent of total revenue by the time it clocks revenue of $250 million.
Birlasoft had set a revenue target of $250 million by the end of 2008/09, and Singh said the company was on target to achieve that goal.
For the current fiscal year, Birlasoft expects revenue of $170 million, Singh said.
"If we look at all that we're doing ... we're driving all of them so that within the next few quarters, we are able to get to a state that we now call IPO-ready," Chief Operating Officer Avinash Singh said on the sidelines of a press conference.
Singh declined to comment on the timing of the IPO, saying it was for the company's chairman to decide on it.
Birlasoft, in which General Electric has a strategic stake, had said in December it would consider an initial public offering if it met certain milestones, which included improving non-GE revenue.
"We have brought down our GE revenue to about 48 per cent of the total... two years ago, it was 80 per cent," Singh said.
Business from non-GE firms has grown more than 100 per cent on a compounded basis for the last three years, he said.
He said the company expects GE revenue to come down to 37 per cent of total revenue by the time it clocks revenue of $250 million.
Birlasoft had set a revenue target of $250 million by the end of 2008/09, and Singh said the company was on target to achieve that goal.
For the current fiscal year, Birlasoft expects revenue of $170 million, Singh said.
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