Planet41 Mobi-Venture, an India-based mobile phone software company, is looking to raise about Rs500m (US$10.7m) by launching an IPO before the end of the year, according to Dow Jones Newswires citing its chief executive.
Somil Gupta was quoted as saying…
Planet41 Mobi-Venture, an India-based mobile phone software company, is looking to raise about Rs500m (US$10.7m) by launching an IPO before the end of the year, according to Dow Jones Newswires citing its chief executive.
Somil Gupta was quoted as saying that the company is planning to issue 3.9 million shares at Rs 130 each (US$2.79) and that it will use the funds to finance its expansion.
Regulatory approval for the IPO is expected at the end of the month, a source told Dow Jones.
Keynote Corporate Services is acting as banker and adviser for the share sale, according to the report.
Planet41 was not available for comment by press time.
