OnMobile IPO opens on January 24

MUMBAI, INDIA: Value-added software products and services provider OnMobile Global Limited today announced that it will enter the capital market with an Initial Public Offering (IPO) of 10,900,545 equity shares of Rs 10 each for cash at a price to determined through a Book Building Process.

The IPO will open between January 24 and January 29 with the price band fixed between Rs 425 and Rs 450 per equity share.

In addition, the company has also proposed a fresh Issue of 8,613,356 equity shares and an offer for sale of 2,287,189 equity shares by Onmobile Systems Inc.

The issue would constitute 18.99 per cent of the fully diluted post issue paid-up capital of the Company. The equity shares would be listed on both Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE).

Qualified Institutional Buyers will be allocated at least 60 per cent of the issue. Out of this, five per cent would be made available to mutual funds.

At least 10 per cent of the issue will go to Non-Institutional Bidders while not less than 30 per cent will be allocated to Retail Individual Bidders.

Through the issue the company plans to purchase equipments for its offices at Bangalore, Mumbai, Delhi and customer sites; meet working capital requirements; repay loan and fund expenditures for general corporate purposes.

Deutsche Equities India Private Limited and ICICI Securities Limited are the Book Running Lead Managers to the issue.

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