IPO on AIM of IMImobile

IPO on AIM of IMImobile raising some £30m for the Company and selling shareholders

Client

IMImobile plc

IMImobile is a leading provider of software and services for mobile engagement. Its products and services, delivered in over 60 countries help its clients to communicate and transact with their customers more effectively on mobile devices. The Company’s solutions allow customers to use mobile as a channel to create new revenue streams, as a CRM and customer engagement channel, and as a channel to improve business operations.

IMImobile’s suite of products is modular, scalable and delivered through cloud infrastructure which is integrated into mobile operator networks, internet services and social media platforms. The products and solutions have helped IMImobile establish a blue-chip client base of leading mobile operators and global enterprises. Key customers include Vodafone, O2, Telefonica, Aircel, Airtel, BSNL, AT&T, MTN, France Telecom, Centrica, Coca-Cola, Universal Music, Tata, the AA, the BBC and major financial institutions.

The Company is headquartered in London with regional head offices in Hyderabad, Atlanta and Dubai and has approximately 690 employees worldwide.

The Transaction

The three venture capital investors in IMImobile PVT (India), together with the founder of the Company, were seeking to realise part of their investment in the Company.  SPARK were appointed to advise the Company on its strategic options and as a result of the prevailing strong IPO market conditions in 2014 highlighted an IPO on AIM as a route to funding at an attractive valuation for investors relative to other transaction alternatives.

SPARK advised on all aspects of the transaction alongside other advisors including the eventual corporate structure which satisfied Indian taxation and regulatory requirements whilst remaining attractive to investors.

SPARK utilising its market knowledge worked with the company to identify brokers who could complete the transaction with the necessary analyst expertise and institutional reach and who were motivated to see the transaction succeed.  Through the appointment and management of multiple brokers SPARK ensured that the required level of funds were raise at an attractive valuation at a competitive all round cost at a time when other IPOs were being withdrawn or postponed.

Since IPO the original investors have since realised the remainder of their investments at a premium to the IPO price.

Why SPARK?

SPARK’s expertise across multiple transaction disciplines allows us to identify the deal that best fits the objectives of the Company and its stakeholders.  An AIM IPO for IMI, then an Indian-domiciled company was not the obvious solution.  SPARK’s ability to identify and select market facing advisors and including brokers who had the desire and capability to complete the transaction was a significant reason for the transaction succeeding.