The Times of India is reporting that wireless network operator Spice Telecom is planning an initial public offering (IPO) for March with the aim of raising around USD150 million to fund the company’s expansion plans. According to Spice Telecom managing director Dilip Modi, the company expects to float between 15% – 20% of its equity.
According to TeleGeography’s GlobalComms database, Spice Telecom offers wireless services in Punjab and Karnataka. It has applied for licences to operate in a number of other circles and is also waiting for permission to offer national and long-distance services. As it stands, Spice Telecom is 51% owned by domestic firm MCorp Global and 49% owned by Telekom Malaysia subsidiary TM International.