Idea looking to raise USD560m from IPO

7 Dec 2006

Indian mobile operator Idea Cellular plans to raise INR25 billion (USD560 million) from an initial public offering (IPO), according to a draft prospectus filed with the Securities and Exchange Board of India. The company, 65%-owned by Aditya Birla Group, is also considering a pre-IPO placement worth up to 15% of the issue.

Idea posted a net profit of INR1.92 billion in the six months to 30 September 2006, on the back of revenues of INR19.13 billion, according to Aditya Birla. The cellco ended September with 10.36 million mobile users across eleven telecoms circles. Blended ARPU for the three months ended 30 September was INR348, down from INR391 the previous quarter; pre-paid ARPU was INR283, compared with INR685 for post-paid customers.

India, Vi (Vodafone Idea Limited, VIL)