MUMBAI: The initial public offering (IPO) of OnMobile Global, a leading provider of telecommunications value added software products and services in India with an expanding international presence, has received good response and subscribed 11 times.

Good response has seen from qualified institutional investors, whose reserved portion subscribed 17 times, HNI portion was subscribed 2.6 times and retail 1.3 times according to sources. All bids were at higher end of price band.

“The fact that this deal has been successfully subscribed at the top end of price-band speaks for itself. All this was inspite turbulent global and Indian market conditions and when most companies regionally or in India were looking to push or withdraw their deals. We believe that quality companies will continue to attract quality investors. This deal only strengthens that belief and proves our equity sales capabilities,” said Deutsche Bank MD, head – India Equity Capital Markets, Sanjay Sharma.

The price band is between Rs 425 and Rs 450 per equity share.

The company is proposing a fresh issue of 8,613,356 equity shares and an offer for sale of 2,287,189 equity shares by Onmobile Systems Inc. The issue would constitute 18.99% of the fully diluted post issue paid-up capital of the company.

The objects of the issue are to purchase equipment for the company’s offices at Bangalore, Mumbai and Delhi and various customer sites, to meet working capital requirements, repayment of loan and to fund expenditures for general corporate purposes.

The equity shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange of India. The book running lead managers to the issue are Deutsche Equities India Private Limited and ICICI Securities Limited.