Techcircle.in | 06.27.14

Mobile Engagement Software Firm IMImobile Lists in London at a Premium

By Sainul K Abudheen

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).

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