Merchant Banking (Software Companies)

2. Company Background
Infinite Computer Solutions is a global service provider of Infrastructure
Management Services, Intellectual Property (IP) Leveraged Solutions, and IT
Services, focused on the Telecom, Media, Technology, Manufacturing,
Power and Healthcare industries. Infinite Computer services span from
Application Management Outsourcing, Packaged Application Services,
Independent Validation and Verification, Product Development and Support,
to higher value-added offerings including Managed Platform and Product
Engineering Services.
Infinite Computer's major customers includes Verizon, IBM, ACS, GE and
AOL. Company have 14 offices across the globe, including offices in multiple
locations in the US, UK, India, China, Malaysia, Singapore and Australia.
Infinite is one of the leading providers of telecom- specific offerings to service
providers, OEMs and ISVs in the Telecom vertical, globally. For fiscal year
2008-09, the telecom vertical contributed to 59.4% of their total revenues.
Objects of the Issue
It’s a new issue.The objects of the Issue are to achieve the benefits of listing
on the Stock Exchanges & to raise capital to:
1. Capital Expenditure;
2. Acquisitions;
3. Repayment of Debt;
4. General Corporate Purposes;
5. Issue Related Expenses.
Issue Price Announcement Date
At the time of filing RHP

3. Issue Details
• Issue Open: Jan 11, 2010 - Jan 13, 2010
• Issue Type: 100% Book Built Issue IPO
• Issue Size: 11,503,000 Equity Shares of Rs. 10
• Issue Size: Rs. 189.80 Crore
• Face Value: Rs. 10 Per Equity Share
• Issue Price: Rs. 155 - Rs. 165 Per Equity Share
• Market Lot: 40 Shares
• Minimum Order Quantity: 40 Shares
• Listing At: BSE, NSE
Merchant Banker/Lead Manager
• India Infoline Limited
• Spa Merchant Bankers Ltd
Bankers to the Issue
• ICICI Bank Limited
• HDFC Bank Limited
• The Hongkong and Shanghai Banking Corporation Limited
Registrar of the Issue
Bigshare Services Pvt. Ltd
Underwriters
• SPA Merchant Bankers Limited
• India Infoline Limited
• Avendus Capital Private Limited

4. • SPA Securities Limited
• Reliance Securities Limited
IPO Grading Agency
• CRISIL Limited
• IPO Grade 2
Risks
• We are party to certain legal proceedings that, if decided against us,
could have an adverse effect on our financial condition and results of
operations.
• Our funding requirements and the deployment of the proceeds of the
Issue are based on management estimates and have not been
independently appraised
• We have not entered into any definitive agreements to utilize the
proceeds of the Issue
• There has been delay in implementation of the proposed projects for
which funds are proposed to be raised through this Issue. This has
resulted in increase in cost of our proposed capital expenditure. Any
further delay is subject to risk of cost and time overrun
• We have a number of contingent liabilities, and our profitability could
be adversely affected if any of these contingent liabilities materializes
• For the development of certain products, we may be using certain
essential intellectual property for which we may not have obtained
prior permission.
• We could face currency exchange risks as a significant percentage of
our revenues are denominated in U.S. Dollars and other currencies
• Tightening immigration policies across the western world especially in
the United States during the election year and Europe’s preference for
EU origin workforce could hamper our future efforts to grow in these
key markets

5. • Risk of Force Majeure, Political and Economic risks involving India
• The market value of the Equity Shares may fluctuate due to the
volatility of the securities markets
Book Building Data
Number of Times Issue is Subscribed (BSE + NSE)
Qualified
Institutiona
l Buyers
(QIBs)
Non
Institutional
Investors
Retail
Individual
Investors
(RIIs) Total
Shares Offered / Reserved 4,026,050 1,725,450 4,026,050 9,777,550
Day 1 - Jan 11, 2010 17:00
IST 0.8162 0.0000 0.1806 0.4104
Day 2 - Jan 12, 2010 17:00
IST 2.7773 8.3487 0.7635 2.9313
Day 3 - Jan 13, 2010 17:00
IST 48.4435 106.0171 11.0781 43.2200
Category of Investors
Listing Day Trading Information
BSE
• Listing Date: Wednesday, February 03, 2010
• Issue Price: Rs. 165.00
• Open: Rs. 178.35
• Low: Rs. 178.35
• High: Rs. 205.80

6. • Last Trade: Rs. 191.60
• Volume: 16,382,299
NSE
• Issue Price: Rs. 165.00
• Open: Rs. 170.00
• Low: Rs. 170.00
• High: Rs. 206.00
• Last Trade: Rs. 191.80
• Volume: 24,435,160
MFs invested in this company
Scheme % of asset size
• Principal Services Industries Fund - Growth 2.23
• Principal Services Industries Fund - Dividend 2.23
• Principal Resurgent India Equity Fund - Growth 1.35
• Principal Resurgent India Equity Fund - Dividend 1.35
• Principal Tax Savings Fund - Dividend 1.34
List of Anchor Investors
• T Rowe Price International Inc. A/c T Rowe Price International
Discovery Fund - 303000
• Carlson Fund – India - 303000
• Lloyd George Investment Management (Bermuda) Ltd A/c – LG India
Fund - 181920
• Lloyd George Investment Management (Bermuda) Ltd A/c – LG India
Plus Fund - 121330
• Alden Global (Mauritius) Limited - 60250
• Credit Suisse (Singapore) Limited - 120500
• BATSPL A/c Bharti Axa Equity Fund - 60600

7. • Reliance Capital Trustee Co. Ltd. A/c Reliance Regular Savings Fund-
Bal option - 514600
• Citigroup Global Markets Mauritius Private Limited – 60250
Standard Deviation
Cumulative Month Standard Deviation
Feb 5.083945318
Feb - March 7.421035755
Feb - April 10.61402765
Feb - May 15.22239254
Feb - June 15.69639824
Feb - July 14.9939065
Monthly Returns
Months Monthly Return
Feb 30.5
Mar 32.75
Apr 31.3
May 49.4
June 15.25
July 17.8

9. Company Background
Incorporated in 1996, Intrasoft Technologies Limited provides electronic
greeting card services through website, www.123greetings.com.
123greetings is the largest electronic greeting cards website in India and 2nd
largest in the world.
123greetings has range of over 20,000 electronic greeting cards designed to
cater to varying geographical and religious celebrations, occasions and other
events.
Company has a team consisting of 16 creative professionals who develop in-
house content including artistic, photographic and musical content for its
electronic greeting cards.
Company doesn't charge its users for accessing and sending electronic
greetings and derive its revenues almost entirely from online advertising
revenues and software development services.
Objects of the Issue
1. Branding and Promotion;
2. Purchasing a corporate office at Kolkata;
3. Investment in technology infrastructure;
4. General corporate purposes;
5. Issue related expenses; and
6. Achieve the benefits of listing on the Stock Exchanges.
Issue Price Announcement Date
2 Days before the Issue

10. Issue Details
• Issue Open: Mar 23, 2010 - Mar 26, 2010
• Issue Type: 100% Book Built Issue IPO
• Issue Size: 3,700,000 Equity Shares of Rs. 10
• Issue Size: Rs. 53.65 Crore
• Face Value: Rs. 10 Per Equity Share
• Issue Price: Rs. 137 - Rs. 145 Per Equity Share
• Market Lot: 40 Shares
• Minimum Order Quantity: 40 Shares
• Listing At: BSE
Merchant Banker/Lead Manager
• Anand Rathi Securities Limited
• Collins Stewart Inga Private Limited
Bankers to the Issue
• HDFC Bank Limited
• IndusInd Bank Limited
Registrar of the Issue
Link Intime India Private Ltd
IPO Grading Agency
• CARE
• IPO Grade 3
Risks
• Our revenues are difficult to predict and do not arise from our users
directly. This may adversely affect our Company’s business, financial
condition and results of operations

11. • Our Company has not entered into any definitive agreements to use
the Net Proceeds of the Issue and there can be no assurance that our
Company will be able to enter into such agreements on terms
favourable to us or at all
• Our Company’s revenues are highly dependent on overseas users
and advertisers. Economic slowdowns and other factors that affect the
economic health of their respective economies may affect our
business
• Our services are technology driven and any breakdown of our
technical systems or any third party system failures and internet
disruptions could adversely impact our business
• Our Subsidiary and our Company are involved in certain legal
proceedings. The value of the claims in the these proceedings cannot
be ascertained or quantified and if these are adversely determined
against us, it may affect our business and reputation
• There are no standard valuation methodologies or accounting
practices in the emerging internet and internetrelated industries
• Changes in rules promulgated by the SEBI, the various stock
exchanges and the changes on the interpretation and enforcement of
existing law and rules relating to the stock markets or investment in
securities may adversely impact our business
• Terrorist attacks and other acts of violence or war involving India, the
United States, and other countries could adversely affect the financial
markets, result in loss of advertiser confidence, and adversely affect
our Company’s business, results of operations and financial condition
• Changes in the Indian Government’s economic and industrial policies,
statutory rules and regulations relating to economic, industrial or
labour affairs or the political situation in India could adversely affect
our business

12. Book Building Details
Number of Times Issue is Subscribed (BSE + NSE)
Qualified
Institutional
Buyers
(QIBs)
Non
Institutional
Investors
Retail
Individual
Investors (RIIs) Total
Shares Offered /
Reserved 1,850,000 555,000 1,295,000 3,700,000
Day 1 - Mar 23, 2010
17:00 IST 0.8895 0.7206 0.0482 0.5700
Day 2 - Mar 25, 2010
17:00 IST 1.6858 1.2184 0.3516 1.1500
Day 3 - Mar 26, 2010
18:00 IST 21.9673 21.6048 13.5080 18.9500
Category of Investors
Listing Day Trading Information
BSE
• Listing Date: Monday, April 12, 2010
• Issue Price: Rs. 145.00
• Open: Rs. 140.00
• Low: Rs. 123.30
• High: Rs. 167.15
• Last Trade: Rs. 159.35
• Volume: 16,800,481
MFs invested in this company
Scheme % of asset size

13. • Franklin Infotech Fund - Growth 0.15
• Franklin Infotech Fund - Dividend 0.15
No Anchor Investors
Standard Deviation
Cumulative Month Standard Deviation
April 12.35207862
April - May 11.94377574
April - June 10.08378307
April - July 8.899816687
Monthly Return
Months Monthly Return
Apr 54.05
May 32.3
June 20.95
July 11.7

14. There are mainly four credit rating agencies in India viz:-
• CRISIL ( Credit Rating Information Services of India Limited )
• CARE ( Credit analysis and research limited )
• ICRA ( Investment information & credit rating agency of India limited )
• FITCH India rating agency.
The ‘grading’ is given in an overall assessment of fundamentals on five point
scale from grade 5 to grade 1. These grades are explained as:-
• IPO grade 1: poor performance.
• IPO grade 2: Below average fundamentals.
• IPO grade 3: Average Fundamentals.
• IPO grade 4: Above strong fundamentals.
• IPO grade 5: strong fundamentals.
Benefits of IPO Grading
• Professional and independent appraisal – IPO grading will create
awareness about the fundamentals of the company’s IPO and will
provide focused company information as a key input to the prospective
investors that will be helpful in taking an investment decision.
• Removal of information burden – when disclosures of issues are
large and complex, the grading process can make it quickly cutting
through the clutter. Thus, IPO grading will particularly be helpful for the
small investors as it will serve as a guide for them of the new company
coming out with the issue.
• Impediment for weak companies – companies which are
fundamentally not very strong will be impeded in building speculative
demand among investors, such weak companies will need to offer

15. pricing, which will adequately compensate investor’s risk.IPO grading
provides disincentives for weak companies to come to the market for
easy finance.
• Improved investors sophistication - It can help an investor in
making his mind as CRAs do not force an investor to buy but it
provides scientific reasons for the investor to take a concrete decision
based on the IPO grading.
Conditions in which IPO grading doesn't work
• The IPO grades given are from 1 to 5.if the investor wants to invest in
a two companies and both the companies gives the same return, he is
confused and he takes the help of IPO grading to find out that both the
companies are having a same grade (e.g. IPO grade 5). Then how will
the investor decide on which IPO to invest for, the grading cannot help
him in making is mind. So the IPO grading may sometimes fail to
convince the investor and it is the investor’s final call on decision to
choose between the two investments. This condition is an exception to
IPOS grading.
• IPO grading for an issuing company as it gives better command on
premium for their new issues. But this merit of company may turn
harmful for the investors as an issuing company with a good IPO
grade can ask for a higher rate of premium which the investors are
forced to pay if they are looking for a better investment option. In this
way an issuing company which has a good IPO grade can exploit the
investors through higher rate of premium on their shares.