Some updates from The Times on Reliance Globalcom’s (RGCom) proposed IPO: The company, into which the Reliance ADA Group had integrated its entire global telecom operations, is planning to list in London, though it’s not specified whether they’ll list on the LSE or the AIM. Apparently, the company is valued as high as £6 billion (around $12 Billion), and has approached Deutsche Bank and Goldman Sachs to advise on the listing. Nothing on how much they’re planning to raise, though. Punit Garg, head of RGCom has said that the company is building a terabit data backbone.
Reliance Globalcom includes undersea Internet bandwidth carrier FLAG Telecom (acquired for $211 million, Yipes (acquired for $300 million), voice services including Reliance India Call, Reliance Global call, Reliance Netcall, Reliance Passport. Globalcom had also struck a deal with UAE based operator Du, and recently acquired 90 percent stake in UK based WiMax co eWave World. They’ve announced an investment of $500 million over the next three years in the WiMax segment. Readers will remember that George Soros had earlier picked up a stake in Reliance Entertainment, and Reliance Telecom Infrastructure, the latter planning an IPO. There’s a trend to the way the Reliance ADA Group is acquiring companies and investing in businesses, hiving them off and then raising capital.