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

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 was 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 utilised 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of funds were raised at an attractive valuation at a competitive all round cost at a time when other IPOs were being withdrawn or postponed.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.


  • Expertise across multiple transaction disciplines allowed for the identification of a deal that best fit the objectives of the Company and its stakeholders.
  • An AIM IPO for IMI (then an Indian-domiciled company) was not the obvious solution.
  • 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.