Security services provider Eagle Hunter Solutions has said it will soon file draft prospectus with market regulator Sebi to come out with a Rs 70-crore IPO to part-finance its expansion and acquisition plans.
The company operates into two major areas, security services and security education. It provides uniformed guards and value-added services like cash management, investigation and security consultancy to its clients.
Since its beginning in 1982, Eagle Hunter Solutions has come a long way to register Rs 119 crore total income last fiscal. It is confident of going past the Rs 150-crore mark in the current fiscal.
IPO proceeds would partly be used to fund increasing the tally of training centers to 26, offices to 100 and personnel to 15,000 by the end of the current fiscal.
"We have already identified the targets and are in the final stages of negotiation for acquiring the firms based in Mumbai, Jaipur, Chennai, Coimbatore and Delhi," Lohia said.
Eagle Hunter Solutions would buy majority stakes and the total cost of acquisition would be between Rs 25 and Rs 30 crore, he said. The company has 900 clients now and hopes to double the number once the proposed expansions come into place.