India's i-flex aims to raise $200 million in dual listing IPO

i-flex prepares for IPO in the US and India.

Toni Clarke

October 26, 2000

I-flex Solutions, one of India's top software companies, plans to raise as much as $200 million in an initial public offering (IPO) of its shares in the US and India as it seeks transform itself from an Indian company that exports overseas to a global company that happens to have factories in India.

The Mumbai-based company, which provides software for financial institutions, was founded nine years ago with the help of a $1 million investment from Citicorp. Today Citicorp owns 48% of the company. I-flex says it hasn't yet chosen a bank to underwrite the offering, saying it feels no obligation to favor Salomon Smith Barney, Citicorp's investment banking arm.

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