The company is offering American Depository Receipts (ADRs) but it did not disclose how many, their estimated price range or other details in a preliminary prospectus filed with the US Securities and Exchange Commission. Satyam Infoway Ltd is a subsidiary of software services firm Satyam Computer Services Ltd.

One ADR equals one equity share, said the company, which has applied to trade them on Nasdaq under the symbol. Satyam, with more than 60,000 consumer internet access subscribers and over 300 corporate customers at the end of June, said the largest internet service provider is VSNL.

Satyam currently operates India's largest private data network utilising internet protocol, an internet industry standard for tracking internet addresses, routing outgoing messages and recognising incomingmessages. It also operates an online portal, in June, its six web sites generated more than 2.9 hits, according to the filing.

Citing industry data, Satyam said internet users in India will grow at an average rate of 76 per cent annually to 4.5 million in 2002 from 500,000 in 1998, while internet commerce revenues in India will grow at an average 260 percent annually to 593.6 million in 2002 from 3.5 million in 1998. ``We believe that our company is well positioned to take advantage of this significant market opportunity,'' said the company, while warning that the market in India is currently in the early stages of development and involves ``significant'' risks.

It plans to use the net proceeds from the IPO for infrastructure expansion, develop content for its internet portal business, advertising and brand promotion, debt repayment and general corporate purposes, including possible investments and acquisitions. The underwriter is Merrill Lynch.