OnMobile Global IPO opens on January 24, fixes price band between Rs. 425 and 450 per share

India’s largest mobile Value Added Services (VAS) company, OnMobile Global will enter the capital market with an IPO of 10,900,545 equity shares of Rs 10 each for cash at a price to be determined through a book building process (issue).

The company has fixed price band between Rs 425 and Rs 450 per equity share. The issue opens on January 24 and closes on January 29.

The issue has been graded above average by CRISIL and has been assigned a grade of 4/5. The issue would constitute 18.99% of fully diluted post issue paid-up capital of the company.
The company incorporated in 2000, by OMSI, which was an incubated startup of Infosys Technologies, the

Bangalore-based OnMobile Global developed telecommunication software applications for the mobile telecommunications industry worldwide.

The company plans to use IPO proceeds to purchase equipment for company's offices at Bangalore, Mumbai and Delhi and various customer sites, to meet working capital requirements, repayment of loan and to fund expenditures.

The shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange of India. The book running lead managers to the issue are Deutsche Equities India and ICICI Securities.