Wireless solutions provider Planet 41 Mobi-Venture plans to tap the capital market and has filed the draft papers for its initial public offer (IPO).
The company has filed the draft red herring prospectus with the Securities and Exchange Board of India (Sebi) to enter the capital market with an IPO, Planet 41 said in a statement today.
Though the company did not reveal how much fund it aims to raise through the IPO, it said the offering will constitute 39 lakh equity shares of Rs 10 each.
The company intends to deploy the proceeds from the issue for setting up offices, to invest in equipment at their estimated at Rs 11.82 crore, among others.
The issue would be based on a 100 per cent book-building process.
The equity shares are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange, it said.
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Incorporated in 2006, the company provides solutions to telecom operators in India.
The book running lead manager to the issue is Keynote Corporate Services.