New Delhi, May 2 (IANS): IT and cyber security solution provider Sattrix Information Security (SIS) on Thursday said that it has successfully filed its Draft Red Herring Prospectus (DRHP) for small and medium enterprises (SME) Initial Public Offering (IPO) with the BSE (Bombay Stock Exchange) SME.

The company said it is targeting a listing by mid-May and aims to raise approximately Rs 20 crore.

"It is a significant milestone for us, and we believe it will provide us with the necessary resources and exposure to achieve our long-term growth objectives and strengthen our market presence," Sachhin Gajjaer, MD at Sattrix Information Security, said in a statement.

The company plans to utilise the raised capital for a number of key initiatives.

First, a considerable amount of investment will be allocated towards the advancement of technology, research, innovation, and the creation of new solutions.

Additionally, a significant portion of the investment will be directed towards the improvement of the Security Operations Centre (SOC) and Network Operations Centre (NOC) set-up.

Further, the plan involves a concerted effort to strengthen Sattrix's presence in India. This will be achieved by strategically focusing on the enterprise SMBs and the mid-market segment.

In addition, the company said it witnessed a robust 68 per cent (year-over-year) growth in FY23-24.

Sattrix Information Security offers a range of cybersecurity services, including assessments to identify weaknesses, professional services that encompass technology consultation and transformation initiatives, and managed services for 24/7 support.