The company has allocated Rs 50 crore ( $6 million) towards global expansion for the next 12 months and plans to hire 600 freshers from Kerala in 2023 to meet the robust project line and the demand for product engineering worldwide
The firm believes Indian founders will build large technology companies for global markets and Iron Pillar aims to support these founders in their growth stage with this fund
The IPO, with a price band of Rs 415-436 a share, would open for public subscription from April 3, and the proceeds from the fresh issue would be used towards debt payment, funding working capital requirements and general corporate purposes
The company reported an adjusted EBITDA of Rs 63 crore in the first half of FY2023 in its filing with Securities and Exchange Board of India (Sebi) in an update to its Draft Red Herring Prospectus (DRHP)
The companies in the fifth cycle had to have a validated product, positive growth, the intention to move to the US within two years and revenues of at least $500,000
