wordpress blog stats
Connect with us

Hi, what are you looking for?

IMImobile closes 11.3% up on London AIM’s debut; £63.15M market cap


Mobile VAS provider IMImobile closed at 133.50 pence per share on the day it made its debut on London’s AIM exchange, up 11.25% from its issue price of 120 pence per share.

During the day, it went up to a peak of 133.50 pence per share, up 11.25% from the issue price and a low of 121.50 pence, marginally higher than the issue price.

IMImobile had filed for a IPO on London Stock Exchange’s sub-market AIM (Alternative Investment Market) earlier this month. Through this IPO, the company raised £30 million (before expenses), by issuing 25 million ordinary shares of 10 pence each at an issue price of 120 pence per share. This represented for 53% of the company’s total issued share capital.

At 133.50 pence per share, the company is valued at £63.15 million, up from its pre-IPO market cap of £56.7 million. However, note that the value of the holding will change with market fluctuations.

Spark Ventures sells 20% stake: One of IMImobile investors SPARK Ventures has also sold 20% of its holding in IMImobile at the issue price to raise around £3.2 million. Post IPO, the company will own 17% stake in IMImobile, valued at around £12.9 million at the IPO price.

Advertisement. Scroll to continue reading.

Use of Proceeds

After deducting underwriting discounts and other expenses, IMImobile gets around £27 million from the offering. Of this, the company plans to use around £20 million to fulfill its obligations to pay cash for acquiring 34% stake in IMI Mobile India pursuant to the acquisition agreements and for the cash payable by IMI Mobile India for the surrender of options over its shares.

At admission, the company will own 42% stake of IMI Mobile India and on the fifth business day, it will acquire an additional 34% stake in IMI Mobile India. The remaining shares will be held by Tarimela Holdings Pvt Limited (as a nominee of IMIMobile co-founder Viswanatha Alluri) which will own 20.1% stake and IMIMobile founder Shyamprasad Bhat who will own 3.5% stake.

IMImobile plans to use the remaining £7 million 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.

IMImobile currently provides 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.

Advertisement. Scroll to continue reading.

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.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create an repository of non-personal data?


A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'


India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...


There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data


Existing consumer protection regulations are not sufficient to cover the extent of protection that a crypto-investor would require.

You May Also Like


Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...


135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...


Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...


By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ