OnMobile Global enters capital market with IPO

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Chennai, Jan 24: OnMobile Global Limited, a leading provider of telecommunications value added software products and services, would enter the capital market with an Initial Public Offering (IP0) of 10,900,545 equity shares of Rs ten for cash at a price to determine through a book building process.

Talking to newspersons here today, company Co-founder and CTO Mouli Raman said the issue would be opened for subscription between January 24 and January 29, 2008. The price band had been fixed between Rs 425 and Rs 450 per equity share, he added. Mr Mouli said the company had proposed a fresh issue of 8,613,356 equity shares and an offer for sale of 2,287,189 equity shares through OnMobile Systems Inc.

The issue would constitute 18.99 per cent of fully diluted post issue paid-up capital of the company, he said adding the equity shares were proposed to be listed on Bombay Stock Exchange Limited and National Stock Exchange.

The CTO claimed that CRISIL had upgraded the issue to 4/5.

Minimum 60 per cent of the issue will be allocated on a proportionate basis to qualified Institutional buyers, he said, adding out of which five per cent shall be available for allocation on a proportionate basis to 'Mutual Funds' only.

He said a minimum 10 per cent of the issue would be available for allocation on a proportionate basis to non-institutional bidders and not less than 30 per cent of the issue would be available for allocation on a proportionate basis to retail individual bidders.

Mr Mouli said the object of the issue was to purchase equipment for the company's offices at Bangalore, Mumbai, Delhi and various other customer sites to meet the working capital requirements, repayment of loan and to fund expenditures for general corporate purposes.


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