The initial public offering (IPO) of OnMobile Global, a provider of telecommunications value added software products and services, received 11 times subscription.

Good response has seen from qualified institutional investors, whose reserved portion subscribed 17 times, HNI portion was subscribed 2.6 times and retail 1.3 times, according to sources. All bids were at higher end of price band.

The price band is between Rs 425 and Rs 450 a share.

The company is proposing a fresh issue of 8,613,356 equity shares and an offer for sale of 2,287,189 equity shares by Onmobile Systems. The issue would constitute 18.99% of the fully diluted post issue paid-up capital of the company.

The objects of the issue are to purchase equipment for the company`s offices at Bangalore, Mumbai and Delhi and various customer sites, to meet working capital requirements, repayment of loan and to fund expenditures for general corporate purposes.

The equity shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange of India.

The book running lead managers to the issue are Deutsche Equities India and ICICI Securities.

The company has a broad range of applications that are delivered by its carrier customers to their end-user subscribers. These products include ringback tones, voice portals, ringtone downloads, subscription manager, contests, music messaging, on-device client software, mobile radio, dynamic voicemail, voice short messaging service and missed call alerts which enable subscribers to personalize their mobile phones and thereby enhance user experience.