Indian telecoms tower operator Viom Networks is reportedly looking to raise around Rs15bn (US$242m) from a listing on a foreign exchange to fund its expansion plans.
Viom is considering floating its shares on the London, New York or Singapore stock…
Indian telecoms tower operator Viom Networks is reportedly looking to raise around Rs15bn (US$242m) from a listing on a foreign exchange to fund its expansion plans.
Viom is considering floating its shares on the London, New York or Singapore stock exchange and has hired Credit Suisse and Citigroup for advice on the process, according to the Business Standard citing sources.
In an emailed statement, Viom confirmed it has mandated financial advisers “to explore options for raising growth capital” but declined to comment on details in the report.
Local mobile operator Tata Teleservices has a 54% stake in the towerco, while conglomerate Srei Group holds an 18.5% interest. Financial investors IDFC Private Equity, SBI Macquarie, Oman Investment Fund and the Government of Singapore Investment Corporation (GIC) together own the remaining 27.5%.
Earlier this year, Viom vice chairman Sunil Kanoria said the company’s fundraising plans could see Tata Tele more than halve its stake.
Kanoria however told the Economic Times that he expected the mobile player to retain a 26% stake in Viom as it considers the JV a strategic asset.
According to him, Viom co-owner Srei Infrastructure is also open to reducing its 18.5% stake by a few percentage points for the right price.
Over the past few months, Viom has reportedly considered various capital raising opportunities and has been in contact with private equity firms and towercos about potential investments.
Viom intends to use the new capital to expand its network of towers in India and strengthen its global operations, Kanoria said in early January.
Subsidiary Viom Networks Singapore will initially look at tower management opportunities in Myanmar and eventually in markets such as Malaysia, Indonesia and Bangladesh.
Viom plans to add an extra 10,000 to 15,000 towers to its portfolio over the next few years. The company claims to be India’s largest independent towerco with more than 40,000 towers.
