Press Review >>> May 2000

 

 

 

 
Southern Online IPO opens 5th May - Money Times

MONEY TIMES (May 2000)

Southern Online Services since incorporation has been engaged in the Information Technology business primarily as an Internet Service Provider(ISP) in Andhra pradesh.On December 10,1998 it entered into an agreement with the department of Telecommunication to function as a category "B" ISP with in Andhrapradesh.The license is valid initially for a period of 15 years.The company commenced operations as ISP in AP from May 11,1999. Presently the company depending on VSNL for its Gateway,which is critical for the success of an ISP.The company now proposes to setup its own International Gateway and to part finance this project of rs.598 lakh it is entering the capital market with an equity issue of 13.4 lakh shares of Rs.10 each at par on Friday 5th,May.The issue closes on Tuesday,May 9 2000.

Its project is to setup facilities for ISP operations with International Gateway and for e-commerce and Software Development.The company has already received. In-principle clearance from the Government on March 28, 2000 for setting-up the international Gateway.The company has achieved a turn over of Rs.202.16 lakh and profit of Rs.69.08 lakh and has a customer base of 3800 dial-up users and 13 corporate clients with points of presence (POP) without own gateway and bandwidth.With its own private Gateway the company has targeted 25,000 dial-up users and 150 corporate clients and also extend operations of value added e-commerce with its portal apsearch.com.