123greetings.com is Going Public (India)

IntraSoft Technologies Limited that owns and runs 123greetings.com is going public.

Their IPO opened yesterday and closes on 26th.

I went through their red herring prospectus.

Here are their traffic details:



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The company has 86 employees.

The company had revenues of Rs 23.35 crore (US$ 5.13 million) in FY 2008-2009 (April 2008-March 2009).

For first six months of FY 2009 - 2010, the revenues have been Rs 10.5 crore (US$ 2.31 million)

Net profit for FY 2008-2009 = Rs 5.33 crore (US$ 1.17 million)

Net profit for first six months of FY 2009-2010 = Rs 3.09 crore (US$ 0.68 million)

The company has a cash of around Rs 18.8 crore (US$ 4.13 million)

Guess the valuation that this company is asking for.....

 

123greetings was the hit site in 1998 -2003 some how, because people use to send the greetings on special occasions , but gradually it scope was being down due to the reason of Web 2.0 concept as people get interacted with each other on different social networking websites. But still if the greeting cards are of great style or quality people will definitely consider greeting sites again.

 

interesting stats.thanks for posting it here.so greetings work well too,eh?not bad revenues after all.But considering the amount of traffic,they should have made more.