Bharti Telesoft to expand markets, may delay IPO

Bharti Telesoft to expand markets, may delay IPO
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First Published: Wed, Nov 19 2008. 07 15 PM IST
Updated: Wed, Nov 19 2008. 07 15 PM IST
Macau: Bharti Telesoft, owned by mobile operator Bharti Airtel’s parent Bharti Enterprises, said it plans to expand to 100 cities globally from 70 now as it fights for a bigger market share despite the worsening global financial crisis.
But it may push back an initial public offering (IPO), Manoranjan Mohapatra, CEO of the messaging and roaming services provider, told Reuters during the 2008 GSMA Mobile Asia Congress.
“The IPO will be a function of the market. We’re now looking at between 24 to 36 months. We’ve got plenty of sources of equity,” Mohapatra said.
Bharti Telesoft, which aims for $200 million in revenues in 2011, competes with mobile2win, IMImobile, Cellebrum, among others and sells roaming, messaging, Internet and call management services to clients such as Tata Communications, France Telecom and Egypt’s Orascom Telecom.
In November, Bharti Telesoft, which operates in more than 70 countries across the world, including China, the US, Egypt, and Paraguay, entered into a deal with South Africa’s MTN to provide mobile value-added services.
No financial terms were announced.
Bharti Telesoft’s affiliate, Bharti Airtel, controls around 24% of India’s wireless market.
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First Published: Wed, Nov 19 2008. 07 15 PM IST