BackAffle files draft papers for ₹650 crore initial share sale
According to Affle's draft prospectus, the proposed initial share sale will involve fresh capital raising of 90 crore and an offer for sale of 5.5 million shares by the existing shareholders
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Mumbai: Affle (India) Ltd, a global technology company with a proprietary consumer intelligence platform, on Monday filed the draft prospectus for its initial public offering (IPO).
According to the draft prospectus, the proposed initial share sale will involve fresh capital raising of ₹ 90 crore and an offer for sale of 5.5 million shares by the existing shareholders.
The overall size of the Affle IPO is expected to be around ₹ 650 crore (approximately $95 million), a person aware of the company’s plans told Mint on condition of anonymity.
Proceeds of the IPO will be used to fund working capital requirements. Investment banks ICICI Securities Ltd and Nomura Financial Advisory and Securities (India) Pvt. Ltd are managing the share sale.
Affle offers a proprietary consumer intelligence platform that delivers consumer acquisitions, engagements and transactions through relevant mobile advertising. Affle’s proprietary platform aims to boost returns on marketing spend through delivering contextual mobile ads and reducing digital ad fraud, while proactively addressing consumer privacy expectations.
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