Mobile engagement software firm IMImobile lists in London at a premium
London-based IMImobile Ltd, a provider of mobile engagement software to mobile operators which has a development centre in India and was started by founders of Indian origin, got listed on Friday. Its scrip was trading at a premium of over 8 per cent in mid-day trades on debut—it was trading at 131p per share at 1 PM London time.
The firm issued 25 million shares at a price of 120p per share to raise £30 million (over $50 million) in the public issue.
"We are delighted with the strong support shown by investors, which we believe is a positive endorsement of IMImobile's business model, product offering and market opportunity. Our admission to AIM represents a major step forward as we seek to capitalise on a number of high growth opportunities that exist across our geographies and markets," said Jay Patel, CEO of IMImobile.
The company was founded by Viswanatha Reddy Alluri (executive chairman) and Shyamprasad Subramanya Bhat (CTO).
IMImobile's solutions, based on its own intellectual property, enable clients to engage and transact with their customers efficiently through smarter mobile engagement using mobile as a channel to create new revenue streams, as a CRM and customer engagement channel and to improve business efficiency.
The company's clients include mobile operators and blue-chip enterprises worldwide such as Vodafone, O2, Telefonica, Aircel, Airtel, BSNL, AT&T, Mobitel, MTN and France Telecom, Centrica, Coca-Cola, Universal Music, Tata, the AA and BBC.
The company supports clients in over 60 countries and has 650 employees worldwide.
It is the second such AIM float of an India-related new age tech firm in the recent past. Early this year, the parent entity of lifestyle e-commerce venture Koovs listed on AIM, becoming the first non-travel e-commerce venture in the country to go public. The public issue was fully underwritten.
(Edited by Joby Puthuparampil Johnson)