Indian Mobile Content Firm OnMobile To Raise $90M-$115M From IPO

OnMobile Global, India’s largest mobile Value Added Services (VAS) company, is looking to raise Rs. 350-450 crores (about $90 million to $115 million) from its IPO, 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.

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 expanding international operations — offices in London and the US — and acquisitions with the primary goal of acquiring products. Last year, OnMobile had acquired VoxMobili, reportedly for $35.12 Million….mots more here on our India site ContentSutra.

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