IDFC Hybrid Infrastructure Portfolio and Reliance Capital have together picked up a 6.8% stake in mobile value added services firm One97 Communications Ltd, whose IPO opens December 1. The Noida-based company, which is backed by investors like SAIF Partners and Intel Capital, will close the issue on December 3 for qualified institutional buyers and on December 6 for others, as per an advertisement in Financial Express.
One97 plans to raise Rs 120 crore through the issue.
IDFC Hybrid Infrastructure Portfolio and Reliance Capital have picked up a 5.3% and a 1.5% stake in One97, respectively. The shares were picked up by both the investors from early investor Peeyush Aggarwal, reveals the Red Herring Prospectus filed by the firm. Though the transaction took place in September this year, the share price for the deal could not be ascertained.
IDFC Hybrid Infrastructure is a portfolio scheme launched by IDFC Investment Advisors and has also invested in animation and game art company DQ Entertainment before its IPO.
Aggarwal also sold some stake earlier this year to SAIF Partners, which has a 36.7% stake in company. One97 Managing Director Vijay Shekhar Sharma holds a 38.52% stake in the firm. Intel Capital holds a 9.7% stake in the firm.
One97 ended FY10 with revenues of Rs 112 crore with a profit before tax (PBT) of Rs 26 crore. The numbers for the Q1FY11 stood at revenues of Rs 36 crore with a PBT of Rs 10 crore. One97 reported revenue of Rs 40.7 core in FY08, which doubled to Rs 81.4 crore in FY09.
The mobile VAS firm has also started One97 Mobility Fund with SAIF Partners, under which it plans to invest $100 million in companies in the mobile services space India. One97’s investment included Singapore-based tenCube, a mobile security services company which was acquired by McAfee, Inc for $9.5 million in July.
One97 had invested Rs 3.37 crore in the firm in form redeemable convertible preference shares. It has also backed Oorja, a customer analytics firm; Paytm, a mobile commerce platform and Oc2ps, a social networking application.