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Spice Tele Board to discuss pre-IPO placement today
While speciality buyout funds like Spinnaker and a few high net worth individuals, or HNIs, are keen on getting a pie of the pre-IPO placement of Spice Telecom, the Board of directors of the telecom company is yet to take a final decision on it.
While speciality buyout funds and a few high net worth individuals, or HNIs, are keen on getting a pie of the pre-IPO placement of Spice Telecom, the Board of directors of the telecom company is yet to take a final decision on it. The Board is going to meet on Monday to discuss the pre-IPO placement.
As per sources, the company is mulling a pre-IPO placement to Lehman Brothers and Hong Kong-based Spinnaker. The pre-IPO placement is likely to be at Rs 45 per share, putting the company's valuation at $700-750 million, sources add.
Spice Telecom is expected to be listed within the price band of Rs 42-45 after three weeks from the date of the pre-IPO placement issue.
Any kind of merger or share swap with Idea Cellular or with any telecom company will happen only after the listing of the Spice Telecom shares on the exchanges, sources add.
The telecom company's management is expecting to make it a $1-billion company. The company is looking at a better bargain with Idea or any other telecom company based on the premium after listing of its shares.
After the listing of Spice Telecom shares, the promoters Modi's stake will come down to 41% from the current 51% and Telekom Malaysia's stake will fall to 39% from 49%.
As per sources, the company is mulling a pre-IPO placement to 
