• Most Popular
  • Most Shared

India's Spice plans $100 mln mobile services IPO

Sun Jan 20, 2008 10:56pm EST

Stocks

   

SINGAPORE, Jan 21 (Reuters) - Indian conglomerate Spice will list its mobile services unit in May or June this year in Singapore and Bombay in an initial public offering (IPO) worth $100 million, its chief executive said on Monday.

Spice, which owns telecommunications firm Spice Communications (SPCM.BO) and Spice Mobiles (SPCL.BO), is looking to list its mobile value-added services firm, Cellebrum, on the Bombay and Singapore stock exchanges. It will also list its mobile retail unit, Hot Spot, at year-end.

"At the end of 2008, we will have four listed entities," Bhupendra Kumar Modi, Spice's chief executive, told Reuters in an interview. He declined to reveal pricing range for the two IPOs.

"Cellebrum has been valued at around $500 million, but we will put it to the market at a lower price to benefit the shareholders," he said.

Spice Communications, which has a stock market value of $748.8 million, competes with the telco giants Bharti Airtel (BRTI.BO) and Reliance Communications (RLCM.BO) in India.

Operating in only two out of India's 23 telecom zones, it also aims to double its subscriber base to at least eight million by 2008. (Reporting by Melanie Lee; editing by Jennifer Tan)



More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets