OnMobile Global IPO opens on Thursday

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Mumbai: Initial public offering of 1,09,00,545 equity shares by OnMobile Global, a telecommunication value added services provider, will hit the capital market through a book building process on January 24. The price band of equity share of face value Rs 10 each has been fixed between Rs 425-450 per share. The issue would constitute 18.99 percent of the fully diluted post issue paid-up capital. The IPO will close on January 29, OnMobile said in a statement. With a view to meet working capital requirements, repayment of loan and to fund expenditures, the company plans to use the IPO proceeds to purchase equipment for company's offices at Bangalore, Mumbai, Delhi and various customer sites. The issue has been graded above average by CRISIL and has been assigned a grade of four or five.