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One97 Communications delays IPO further, cites mkt conditions

One97 Communications delays IPO further, cites mkt conditions
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First Published: Thu, Dec 09 2010. 10 17 AM IST
Updated: Thu, Dec 09 2010. 10 17 AM IST
Mumbai: Telecom value-added services provider One97 Communications Ltd has further delayed its initial public offering to raise as much as Rs 120 crore, said two sources close to the development.
Earlier, the company had already delayed its IPO to 13 December from 1 December due to the same reason.
“The market is a bit more volatile than we expected when we postponed it last time. So we would like to postpone it by a couple of weeks ahead and now we have almost reached the year-end, which means we will open it in the new year now,” a company source told Reuters.
The company will update its red herring prospectus with the lastest quarterly results and intends to open the offering within the first two months of calender year 2011, the source added.
However, another source said the company could open the offering late this month or early next year.
IDFC Capital and Avendus Capital are the book running lead managers for the offering.
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First Published: Thu, Dec 09 2010. 10 17 AM IST
More Topics: One97 | Communications | VAS | Mobile | Telecom |