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Cellebrum Files DRHP; Nine Month Operating Income of Rs. 734.56 Million; Pre-IPO; Lehman Stake Sale

Cellebrum Technologies Ltd, the Mobile VAS company owned by the BK Modi Group has filed a Draft Red Herring Prospectus (DRHP) with SEBI, which you may download here. We've gleaned the following information from the DRHP: Dependancy on Spice Communications Note that, like OnMobile Global, which did an IPO earlier this year, Cellebrum has a significant dependancy on a few major carriers. What's more important is that there is significant dependancy on Spice Communications, which was, until recently, also a part of the BK Modi group. What's very interesting is that Cellebrum signed a contract for services with Spice Communications on June 25th 2008, the same day it was informed that Spice Comm was has been acquired by Idea Cellular. The contract includes roaming and VAS services (mobile radio, BGM, CRBT) for three years, and SMS, GPRS, roaming and outbound…

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