Mobile VAS company One97 Communications has filed a draft red herring prospectus with the Securities and Exchange Board of India, looking to raise Rs. 1200 million (Rs. 120 crores) from its proposed Initial Public Offering (IPO). Of the money raised, a significant majority - Rs. 940.34 million will be used for "Procuring telecom equipment and software for installation" by the company. Once this issue goes through, One97 Communications will become the third Indian mobile Value Added Services company, after Tanla Solutions and OnMobile Global to seek to raise money from the Indian capital markets. (Read our coverage of recent financial results for Tanla here and OnMobile here). In the past, Spice Digital (then Cellebrum) had also filed a DRHP, only to withdraw it later. Details here. Download One97's Draft DRHP here from SEBI's website. (In case the SEBI link isn't…
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