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Spooked By Market Volatility, One97 Pushes IPO Subscription Date

Mobile VAS company One97 Communications* has pushed its IPO subscription plans till the next quarter, spooked by the market volatility that has hit Indian bourses. At the end of trading today, the BSE Sensex was 454.12 points down, while the NSE Fifty index was 137 points down. One97 MD Vijay Shekhar Sharma told MediaNama that pricing the IPO was becoming tricky for the company, which plans to raise Rs. 120 crore.

“We will hit the market when it stabilizes, and when we can take a pricing call.” The company intends to wait till the new year, for markets to stabilize, and then file for an IPO. They will update the Red Herring Prospectus with results of the July to September Quarter. On whether there’s a particular market level at which the company will decide to list, Sharma said that the listing is not dependent on market position, but market sentiment, and currently, the market is being swayed by sentiment. “There is no extraordinary hurry for a listing, ” he added.

View details of One97’s performance in Q1, as well as inputs we’ve culled out from its IPO RHP here.

Disclosure: One97 Communications is an advertiser with MediaNama

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