Update: One97 has delayed its IPO by 12 days, reports VCCircle, largely on account of volatile stock market conditions. The IPO will now open for subscription on December 13th. Note that at this point in time, competitor OnMobile Global is trading close to its 52 week low. In response to a query from MediaNama yesterday, OnMobile said that some of its early investors (through US based OnMobile Systems Inc), who have been with the company for almost 10 years now, are selling their shares. ARGO, which owns a significant majority stake in ONSI remains invested, though. November 24th, 2010: The Initial Public Offering (IPO) of mobile VAS company One97 Communications (please see disclosure below) opens for subscription on December 1st 2010. Download its Red Herring Prospectus (RHP) here (pdf). The company is is looking to raise Rs. 120 crore from the offering, but hasn't disclosed the offer price yet. CRISIL has given the IPO a rating of 3/5 (Average). Notes on financials, with details of revenues from its top 5 customers, details of sale of WaveSecure, and industry trends and business details: Financials For the quarter ending June 30th 2010, One97 Communications reported a total income of Rs. 36.12 crore, and a profit after tax of Rs. 6.47 crore. Its net worth at the time was Rs. 140.84 crore. As of June 30, 2010, One97 had 772 employees. - For FY10: One97 says that its operating income increased primarily due to an increase in income from sale of services of 43.29% to Rs.…
