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Affle Holdings files for India unit IPO

Singapore-based Affle Holdings has filed draft papers with capital markets regulator Sebi to list its Indian unit.


PTI India
Updated: 16-07-2018 15:50 IST

Singapore-based Affle Holdings has filed draft papers with capital markets regulator Sebi to list its Indian unit.

The Indian unit -- Affle (India) -- is expected to raise approximately Rs 650 crore through its initial public offering(IPO), according to merchant banking sources.

The IPO comprises fresh issue of shares worth Rs 90 crore, besides an offer for sale of up to 55 lakh equity shares by Affle Holdings, according to draft papers filed with Securities and Exchange Board of India (Sebi).

ICICI Securities and Nomura Financial Advisory and Securities (India) will manage the company's public issue.

Proceeds of the issue would be used to fund the working capital requirements of the company and for other general corporate purpose, the mobile marketing firm said.

Affle is a leading global technology company with a proprietary consumer intelligence platform that delivers consumer acquisitions, engagements and transactions through relevant mobile advertising.

Also, it provides end-to-end solutions for enterprises to enhance their engagement with mobile users, such as developing apps, enabling offline to online commerce for offline businesses with e-commerce aspirations and providing enterprise grade data analytics for online and offline companies.

In 2009, Microsoft had picked up a minority stake in Affle Holdings.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

COUNTRY : India Singapore

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