OnMobile To Raise Rs. 350-450 Crores From IPO; Price Band - Rs. 425-450; Opens 24th Jan

Published: January 18, 2008, 2:16 am

OnMobile Global, India's largest mobile Value Added Services (VAS) company, is looking to raise Rs. 350-450 crores from its Initial Public Offering, with shares priced between Rs. 425 and Rs. 450 for shares of face value Rs. 10 each. The issue will be open for subscription between January 24th and 29th 2008. The issue would constitute 18.99 percent of the post-Issue paid-up capital of the company, once listed on the BSE and NSE; it includes a fresh issue of 8,613,356 shares, and the sale of 2,287,189 shares from Onmobile Systems Inc. OnMobile was incubated at Infosys, and the company has opposed the IPO; OnMobile CEO Arvind Rao tells CNBC-TV18 that promoters will hold a significant part of the company, though he doesn't confirm whether Infosys is selling its stake or not. The company will use the money to make infrastructure investments in its offices at Bangalore, Mumbai and Delhi, set up R&D centres, repay loans and expand their team. The proceeds will also be used for

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