OnMobile announces public offer

By siliconindia   |   Tuesday, 26 June 2007, 07:00 Hrs
Printer Print Email Email
Mumbai: OnMobile, the Bangalore based value-added services provider, announced its plan to float an initial public offering of Rs 500 - 600 crore, in the current financial year, reported Business Standard.

With the revenue from the IPO, the company intends to foray into the wireless application protocol (WAP) and GPRS segment. And if Onmobile raises the amount, this company incubated by Infosys in 2000 would be the one of the largest IPO’s raised in the VAS sector.

In the opinion of the analysts, it would not be difficult for Onmobile to raise around Rs 500 crore IPO, because of the stakes held by some major companies. Currently Infosys holds a 14 percent stake in the company headed by its CEO Arvind Rao. The other investors include Deutsche Bank, Goldman Sachs, UK based private investment firm Polyon Investment Partners and venture capital firm Argo Global Capital.

Onmobile has a turnover of around $50 million (around Rs210 crore) and has an estimated value of $300 million (around 1,250 crore). In 2006, the company acquired a leading data product company ITfinity.

Onmobile is one of the major players in the value added services industry, with a host of services including mobile content distribution, interactive media portals, one to one direct marketing portals via mobiles and m commerce.

SPOTLIGHT
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..