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IMImobile files for £30M IPO on London’s AIM Exchange

IMImobile

Mobile VAS provider IMImobile has filed for an IPO on AIM (Alternative Investment Market), a sub-market of the London Stock Exchange that offers smaller companies a more flexible regulatory system than applicable to the main market.

Through this offering, the company is looking to raise up to £30 million, although it is yet to disclose the starting price or how much shares it will be offering through this IPO.

The company also mentions that it reported sales of £38.5 million with an underlying EBITDA of £6.1 million for the year ended March 31, 2013.

IMImobile currently offers mobile engagement products and solutions to mobile operators, enterprises and media companies. It has developed a cloud-based mobile service delivery platform called the DaVinci Evolved Service Platform. On top of this platform, it offers a suite of consumer lifecycle solutions which allow operators, enterprises and media companies to drive revenues, customer acquisition, customer retention, self-care services, business and productivity applications and audience engagement.

These can be delivered either as managed solutions, licensed for on-premise deployment or accessed directly via cloud infrastructure.

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IMImobile claims to be working with working with over 100 carriers & enterprises and its solutions are being delivered in over 60 countries in Europe, the Americas, Middle East & Africa and India. Its key customers include mobile operators like Vodafone, Airtel, Aircel, BSNL, AT&T, O2, Telefonica and media & enterprise companies Centrica, Coca-Cola, Universal Music, Tata, the AA and the BBC among others.

Use of Proceeds

IMImobile plans to use the IPO proceeds to grow its revenue & profit from its core business, expand to select geographies, improve the existing opportunities in selected geographic markets and for exploring possible acquisitions.

It’s worth noting that IMImobile had entered the UK market with the acquisition of the UK based mobile services company WIN PLC in August 2010. Post acquisition, WIN PLC was delisted from the London Stock Exchange. This acquisition also helped IMImobile to improve profitability and reduce costs by moving some of services to its Hyderabad-based Network Operations Centre and cross-selling some of its existing services to WIN PLC clients.

The company had also acquired UK-based digital agency Skinkers in September 2011. This acquisition gave IMImobile access to Skinkers’ existing clients along with an advantage of having an in-house digital agency. Skinkers developed desktop apps, games, iPhone/iPad and Android apps, along with products related to web and social platforms. It had also acquired a London based music aggregator DX3 in November 2008.

In October 2012, IMImobile also launched a cloud-based mobile engagement (m-engagement) platform called Open House which is powered by its Da Vinci platform. This platform offered ready-to-use services to enable businesses quickly setup and deploy multi-channel customer engagement services and employee productivity services and also allowed developers to integrate mobile operator connectivity and Open House platform’s capabilities within their business applications.

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Other mobile VAS companies who have gone public so far include OnMobile Global and Tanla. Kerala based mobile VAS company had earlier filed for an IPO on the NSE SME Stock exchange in February last year, however it later postponed its IPO plans and raised $3 million from private angel investors including Agnus Capital. One97 had also filed for a Rs 120 crore IPO in May 2010, but later dropped its IPO plans in August 2011.

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