Ienergizer flotation to fund growth plan

Anil Aggarwal hopes to raise £37million from the partial sale of his stock in iEnergizer, a supplier of “back office” services for banks, insurers and telecom companies from centres in India

and the US. Advised by Arden Partners, Aggarwal plans to invest the cash in other business interests. He said listing would raise the firm’s profile, attract shareholders and make the

shares more available. EXPRESS OFFER: CLAIM £15 IN FREE BETS HERE! With an annual company growth rate of 34 per cent, Aggarwal said he was considering acquisitions and expansion into new

regions like Europe and the Philippines. “It’s time to take the company to another level,” he said. Aggarwal set up iEnergizer a decade ago and has attracted more than 40 customers, mainly

in the US, India and Australia. The company, which has nearly 5,000 employees, had revenues of £22million in the 12 months to March 31 this year and is practically debt-free. Sara Latham,

the group’s non-executive chairman, previously worked as a communications adviser to Bill Clinton and Tony Blair. Aggarwal said he also planned to use the company’s cash flow and ability to

raise money to finance acquisitions, in new or existing sectors such as health. The group hopes to place 31,930,706 shares at 116p a share on September 14, giving it a market capitalisation

of about £174million, and also plans to pay a dividend in the longer term. It is estimated that the Indian market for contracting out backoffice functions to companies like iEnergizer will

grow by more than a third to around £3.88billion by 2012. In February, the world market was worth about £72.4billion, but it is expected to rise to £95.6billion by 2013.