Spice hopes to raise USD250m from 1Q07 IPO

9 Aug 2006

Indian mobile operator Spice Communications plans to raise USD250 million in an initial public offering (IPO) slated for the first quarter of next year, according to the Business Standard. Telekom Malaysia™ became the single largest shareholder in Spice following its acquisition of a 49% stake in the cellco for USD178.8 million in June. TM has promised to help the cellco restructure its USD215 million debts and expand its service to new regions, including six new circles, hence the IPO. ‘The company is in talks with four merchant bankers,’ a Spice official told the paper. ‘On the appointment of bankers and depending on the market conditions, and subject to approvals, the date of the IPO will be announced.’ Spice will be listed on both the Bombay Stock Exchange and the National Stock Exchange.

India, Spice Communications