Mobile value added services (VAS) provider One97 Communications today said that it aims to raise Rs 120 crore through its initial public offer (IPO), which would hit the market on December 1.
"Given the growth potential of the Indian telecom industry, we plan to develop innovative services and products that will address the changing consumer needs. The IPO proceeds will largely be invested for developing new and innovative platforms, products and services for enhancing the scope of our existing applications," One97 Communications' Chairman and Managing Director Vijay Shekhar Sharma told reporters here today.
The issue closes on December 6.
The mobile VAS market is expected to grow from Rs 4,400 crore in 2009 to Rs 12,920 crore by 2016, he said.
"With telecom service providers increasingly looking to grow mobile VAS offerings, it is anticipated that this market will experience strong growth especially after the proliferation of 3G networks. The IPO is our first step to take a big leap in this sector which is still at a very nascent stage," Sharma said.
The company provides networking solution services to 12 telecom operators in India, and one each in Afghanistan, Nigeria and Bangladesh.
"We are also looking at Africa as a potential market for providing our services," Sharma said.
The company offers services in categories like Network VAS, Consumer VAS and Enterprise VAS.
