The initial public offering (IPO) of OnMobile Global, a leading provider of telecommunications value added software products and services in India with an expanding international presence, has received good response and subscribed 10.49 times, as per NSE website.

Public offer has received bids for 11.4 crore equity shares as against 10,900,545 equity shares on offer. Good response has seen from qualified institutional investors, whose reserved portion subscribed 16.68 times, according to sources. All bids were at higher end of price band.

The price band is between Rs 425 and Rs 450 per equity share.

The company is proposing a fresh issue of 8,613,356 equity shares and an offer for sale of 2,287,189 equity shares by Onmobile Systems Inc. The issue would constitute 18.99% of the fully diluted post issue paid-up capital of the company.

The objects of the issue are to purchase equipment for the company's offices at Bangalore, Mumbai and Delhi and various customer sites, to meet working capital requirements, repayment of loan and to fund expenditures for general corporate purposes.

The equity shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange of India.

The book running lead managers to the issue are Deutsche Equities India Private Limited and ICICI Securities Limited.

It has a broad range of applications that are delivered by its carrier customers to their end-user subscribers. These products include ringback tones, voice portals, ringtone downloads, subscription manager, contests, music messaging, on-device client software, mobile radio, dynamic voicemail, voice short messaging service and missed call alerts which enable subscribers to personalise their mobile phones and thereby enhance user experience.

Source ; MoneyControl