One97 Communications* has dropped plans for an IPO and will seek private equity funding, reports VCCircle. The company is looking to raise around Rs 100 crore in PE funding, instead of the Rs 120 crore IPO it had planned, given market volatility, and will plan for an international listing. Readers would remember that the company had deferred plans for listing in December last year, due to market volatility. Handset manufacturer MicroMax has also recently withdrawn its IPO plans, citing the same reasons. Readers will also remember that Spice group company Spice Digital* was also planning an IPO, a DRHP was expected to be filed by the end of last year. Little known Planet41 had also filed for an IPO.

On a side note, we wonder if, given the current status of global stock markets, listing in any market is feasible. December 2010 was bad for the BSE Sensex, but not as bad as how it is today: Rs 195.28 (-1.13%) down at and at 17,110.59, at the time of filing this report. On December 1st, when One97 was supposed to list, the Sensex was at 19850.

On a side note: no updated filing for One97 means that we don’t have updated data on its performance in the 2010-2011 fiscal year. The last known figures:

Disclosure: One97 Communications and Spice Digital are advertisers with MediaNama.