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| Infosys Technologies Limited |
| Electronics City, Hosur Road, Bangalore, India |
| Business Description | The company, one of India's leading information technology services companies, utilizes an extensive non-U.S. Based infrastructure to provide managed software solutions to clients worldwide. |
| Offering Information Company has | |||
| Trading As | INFY (NASNTL) | Industry | High-Tech (SIC 7371) |
| Type of Stock Offered | American Depositary Receipts | Filing Date | 02/11/1999 |
| Domestic Shares Offered | 1,800,000 | Offer Date | 03/11/1999 |
| Foreign Shares Offered | 0 | Filing Price | $27.88 |
| Company Shares | 1,800,000 | Offer Price | $34.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.680 |
| Gross Proceeds | $61,200,000 | Selling | $0.840 |
| Expenses | $1,750,000 | Reallowance | $0.500 |
| Post-IPO Shares | 65,868,800 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Nationsbanc Montgomery Securities, Inc. | Lead Manager | (415) 627-2100 |
| BancBoston Robertson Stephens | Co-manager | (415) 989-8500 |
| BT Alex Brown | Co-manager | (410) 727-1700 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 9 Months Ending | ||||||
| Figures in U.S. millions except per share data | 03/31/1994 | 03/31/1995 | 03/31/1996 | 03/31/1997 | 03/31/1998 | 12/31/1997 | 12/31/1998 |
| Revenues | 9.534 | 18.105 | 26.607 | 39.586 | 68.330 | 48.412 | 86.101 |
| Income from Oper. | 2.598 | 4.109 | 6.258 | 9.193 | 12.381 | 8.919 | 22.988 |
| Net Income | 2.670 | 3.963 | 6.824 | 8.642 | 12.344 | 8.514 | 20.517 |
| E.P.S | 0.100 | 0.140 | 0.240 | 0.300 | 0.410 | 0.290 | 0.670 |
| Revenue Growth (%) | 89.90 | 46.96 | 48.78 | 72.612 | 77.85 | ||
| Net Income Growth (%) | 48.43 | 72.19 | 26.64 | 42.84 | 140.98 | ||
| Oper. Profit Margin (%) | 27.25 | 22.70 | 23.52 | 23.22 | 18.12 | 26.70 | 18.42 |
| Net Profit Margin (%) | 28.01 | 21.89 | 25.65 | 21.83 | 18.07 | 23.83 | 17.59 |
| Cash Flow - Oper. | 17.15 | 10.36 | 24.96 | ||||
| Cash Flow - Inv. | -8.44 | -5.94 | -11.85 | ||||
| Cash Flow - Fin. | 1.89 | 2.76 | -0.93 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/1998 | Financial Ratios | ||||
| Total Assets | 76.58 | Current Assets | 49.37 | Current Ratio | 3.71 |
| Total Liab. | 13.32 | Current Liab. | 13.32 | Debt Ratio | 17.39% |
| Total Equity | 63.27 | Working Cap. | 36.05 | Debt to Equity Ratio | 0.21 |
| Cash | 22.80 | Return on Assets | 26.79% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for capital expenditures to expand the company's facilities and telecommunications infrastructure and general corporate purposes including working capital. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Wilson, Sonsini, Goodrich & Rosati |
| Bank's Law Firm | Latham & Watkins |
| Auditor | KPMG Accountants N.V. |
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