The Bangalore-based value-added services (VAS) provider OnMobile is planning to tap the capital market with an initial public offering (IPO) of Rs 500-600 crore.
The company’s maiden offer is expected to open during the current financial year and it intends to invest the proceeds for its foray into the Wireless Application Protocol (WAP) and General Packet Radio Service (GPRS) segments.The company is gearing up to become an end-to-end VAS solution provider, according to sources close to the development.
If OnMobile succeeds in raises around Rs 500 crore, it will be the one of the largest IPOs in the VAS sector. The company, headed by its founder and CEO Arvind Rao, is believed to be posting annual revenues of around $50 million (around Rs 210 crore).According to industry analysts, the company has an estimated value of around $300 million (around Rs 1,250 crore).
The company was incubated by Infosys Technologies in 2000, and at present the IT major holds a 14 per cent stake in it.Global investment banking majors Deutsche Bank and Goldman Sachs, the UK-based private investment firm Polygon Investment Partners and venture capital firm Argo Global Capital are the other investors in the company. However, the percentage of stakeholding could not be ascertained.
Read more in The Business Standard article.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment