IPO Spices up Indian Mobile Market

September 2006 | Company Finance Alert

GSM operator Spice Communications has announced its plans to raise US$2.5bn through debt and a public offering in an effort to become a key player in India's fast growing mobile market. Currently, unlisted and with less than 2% of the market, Spice Communications, which now has Telekom Malaysia as a 49% shareholder, since its US$178.8mn purchase of a minority stake in March 2006, is keen to offer its services across the whole of India. Currently, the operator offers mobile services only to the states of Punjab and Karnataka. IPO funds, which by December 2008 are expected to raise US$500mn will

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