New Delhi: After two years of planning, Idea Cellular may finally go public by the end of the year.
Sources suggest that Idea cellular is mulling over the idea of an IPO. The company is looking to raise about $250-350 million.
Sources also suggest that the funds are to be raised for new circles. Birla bought Tatas' 48.14 per cent stake for Rs 4,406 crore, and sources say that Idea is valued at over Rs 9,000 crore or $2 billion.
The valuation indicates a 10 per cent float. However, the AV Birla Group has refused to comment on any of this news.
Idea currently operates in eight circles, and is looking for a pan India presence.
Service provider Maxis was also interested in buying a stake in Idea. Birla was to place over 30 per cent of Idea with PE players. However, the PE stake placement is yet to happen.
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