wordpress blog stats
Connect with us

Hi, what are you looking for?

“Is the Cellebrum IPO still on?” Apparently Not

“Is the Cellebrum IPO still on?” was the question two senior execs at the Telecom CEO Conclave asked me yesterday.

My sense was that given the market conditions and the worldwide panic across financial markets, they would defer it until the market recovers. It would be brave, perhaps foolhardy, for a company to try to raise money from the public until this storm passes by.

As a case in point, take a look at OnMobile Global, which is probably the market leader in the Mobile Data Services or VAS space. It ended last week at Rs. 484.90, just Rs. 44.90 above its issue price, and much much below its 7 month high of 744.70; it listed on Feb 19th 2008. Would Cellebrum take a risk is such volatile markets?

Confounding the issue, according to the Economic Times, is that SEBI has denied Cellebrum a listing because the bankrupt Lehman Brothers cannot offload 2,541,454 shares (7.58% stake) in the company. That assessment appears to be incorrect. We couldn’t locate the relevant notice on SEBI’s website, but there was a mention of the processing status:

“File closed vide letter dated 25-July-2008 to BRLM, on account of non-compliance of SEBI DIP Guidelines with regard to eligibility norms and disclosure of Financial information

Lehman Brothers Cellebrum The file was closed before Lehman Brothers filed for bankruptcy. ET adds that the BK Modi group may buy back Lehman Brothers stake in Cellebrum, when the shares are made available from the bankruptcy court. So will Cellebrum look at raising capital from other sources? Do take a look at their financials here, and download the DRHP here.

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

Advertisement. Scroll to continue reading.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

News

By Rahul Rai and Shruti Aji Murali A little less than a year since their release, the Consumer Protection (E-commerce) Rules, 2020 is being amended....

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ