New Delhi, May 30 (PTI) Cogent E-Services Ltd has received capital markets regulator Sebi's go-ahead to raise funds through an Initial Public Offering (IPO).

The initial share-sale comprises fresh issue of equity shares aggregating up to Rs 150 crore and an offer for sale of up to 94.68 lakh equity shares by promoters, according to the draft red herring prospectus.

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Cogent E-Services, which filed its IPO papers with Sebi in February, obtained observations on May 23, an update with the regulator showed on Monday.

In Sebi's parlance, its observation implies the company concerned has received the approval to launch the IPO.

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Going by the draft papers, Cogent E-Services may also consider a private placement of equity shares aggregating up to Rs 30 crore. If such pre-IPO placement is undertaken, the fresh issue size will be reduced.

Funds raised from fresh issue will be used for funding investment in IT assets for expansion and existing IT infrastructure of the company, support working capital requirements and general corporate purposes.

Cogent is an end-to-end customer experience or CX solutions provider offering omni-channel solutions along various customer interaction touch points from customer sales and support through voice and non-voice channels, back office solutions and transformative services and digital marketing. The company's clients are diversified across more than 10 industry verticals, including banking and financial services and e-commerce.

DAM Capital Advisors and IIFL Securities are the book running lead managers to the issue.

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