Viom Networks, formerly known as Quippo-WTTIL, is set to raise up to Rs 50 billion through an initial public offering (IPO). The funds will be used to finance the company’s expansion plans and to provide part-exit options to private equity investors, including IDFC Private Equity. The proposed issue, the first by an independent telecom tower company in the country, is expected to hit the market by March 2011. Tata Teleservices Limited (TTSL), which currently owns 51 per cent in the joint venture (JV), is unlikely to dilute its stake and will, therefore, need to infuse fresh funds in the proposed IPO to retain its ownership. Viom Networks is in talks with several investment bankers for handling the proposed public issue.
