Spice plans listing on Dubai or Singapore stock exchanges
Spice Communications is planning to list itself on the Dubai or Singapore stock exchange to raise about $1 billion from an IPO. The company intends to use these funds to roll out mobile services in four new telecom circles in the first half of 2008.
Spice, which received letters of intent (LoIs) for only four circles, is still awaiting LoIs for the remaining 16 circles (it had applied for 20 circles). Meanwhile, Spice Corporation, which owns Spice Communications and Spice Mobile, is also exploring the possibility of listing its value-added services firm Cellebrum on the Bombay and Singapore stock exchanges.
According to Spice, although Cellebrum has been valued at $500 million, it will be offered to the market at a lower price to benefit shareholders.
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