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Mobile VAS Co Spice Digital Plans IPO

You're reading it here first: MediaNama has learned from multiple, reliable sources that Spice Digital, the mobile value added services business of BK Modi owned Spice Group, has initiated the process of filing for an Initial Public Offering (IPO) in India; according to some sources, the Spice Digital board has approved IPO plans. However, we have no clear indication of when the Draft Red Herring Prospectus (DRHP) will be filed with the Securities & Exchanges Board of India (SEBI). Upon being contacted, Spice Digital CEO Saket Agarwal declined to comment on IPO plans: no confirmation, but no denial either. Spice Digital is a subsidiary of Spice Televentures, which is being amalgamated with public listed company Spice Mobility (previously Spice Mobiles), following an approval from Spice Mobility shareholders and creditors. On a conference call held to explain the amalgamation to Spice Mobility shareholders, Agarwal had disclosed that Spice Digital had registered revenues of close to Rs. 135 crore with an EBITDA margin of around 30% in the first 9 months of the 2009-10 financial year. The valuation of the company then was around Rs. 800 crore. Spice Digital powers the Mobstore for Idea Cellular, has won contracts for mobile governance applications in Himachal Pradesh and powers SMS updates for Indian Railways. It claims to be the market leader in the Music Radio service, whic is believed to be the third highest revenue generator for telecom operators, after P2P SMS and Caller Ringback Tones. Spice Digital, in its earlier avatar of Cellebrum,…

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Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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