OnMobile Raises $30 Million Via Pre-IPO Placement
By Nikhil Pahwa - Wed 23 Jan 2008 07:31 AM PST
OnMobile Global, the mobile value added services company whose IPO opens tomorrow, has reportedly raised $30 million through a pre-IPO placement. Business Standard reports that the total placement is close to 5 percent: 3.54 percent with George Soros’ Quantum Fund, 0.9 percent with Bessemer India Capital and 0.95 percent with Wardferry India Reconnaissance Fund. The OnMobile IPO will open tomorrow in rather uncertain times, with the fear of a US recession looming large over global capital markets. There is uncertainty, and despite today’s recovery, the steep fall over the past few days, from the 20000+ levels to close to 15000 levels, must have shaken retail investor confidence. OnMobile is looking to raise Rs. 350- Rs. 450 crores from the IPO. CIOL adds that the company will allocate 25 percent of its equity to acquisitions and exploring opportunities across the globe.
Posted in: Companies, OnMobile, IPO, Venture Capital
