Spice Telecom is planning to raise $650 million through two public offerings for funding its $250 million pan-Indian expansion. The company has applied for a unified access service licence in 21 circles.

It plans to build up its network over the next two to three years and will dilute up to 20 per cent stocks through its IPO to raise the amount in October-December 2006. The second issue, worth about $350 million, is expected by December 2008, depending on the company's market valuation and other factors.