Indian mobile services portfolio company One97 has delayed its flotation until next year.
Strategic investors were set to help their Indian mobile services portfolio company One97 float to raise money to buy more telecoms equipment but after an initial deferment until mid-December, the initial public offering has been further delayed until next year.
Intel Capital, the in-house venture capital division of chip maker Intel, has previously invested in One97, along with US-based financier Silicon Valley Bank (SVB) and Hong Kong-based SAIF Partners.
SAIF’s 41% stake in One97 will be diluted to 36.7% after the flotation while SVB will increase its share to 3.5% from 2.7% after converting preference shares and Intel will have 9.7% from zero through the same route, according to local trade publication VCCircle, which also confirmed One97’s delay.