Shivani Shinde & Vandana / Mumbai January 23, 2008
OnMobile, a Bangalore-based value-added software products and services player, is understood to have raised close to $30 million (around Rs 120 crore) through a placement before its initial public offering (IPO) slated to open on January 24.
George Soros’ Quantum Fund, Bessemer India Capital and Wardferry India Reconnaissance Fund have collectively picked up close to 5 per cent equity stake, according to sources, in the price band of Rs 425-450 a share.
“The pre IPO placement will affect 5 per cent of the company’s stake. Since it is from the existing shareholders portion, there will be no change in the promoter stake,” said a source.
With this, Quantum Fund will get 3.54 per cent stake, Bessemer India Capital 0.9 per cent and Wardferry India will hold 0.95 per cent in OnMobile.
Earlier, the company had announced its plan to enter the capital market with an IPO of 1.09 crore equity shares.
“After the placement, the company expects to raise at least $120 million (around Rs 480 crore),” said the source.
OnMobile makes pre-IPO placement
Shivani Shinde & Vandana / Mumbai Jan 23, 2008, 00:06 IST
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