Matrix Cellular (International) Services, a provider of country-specific SIM cards, has filed early papers for an Initial Public Offering (IPO) with the markets regulator SEBI. The offer is being made be through a book-building process.

The New Delhi-based company provides both pre- and post-paid SIM cards under brand name ‘Matrix’ to outbound travellers from India. As of December 31, 2014, it provided post-paid services to 32 destination countries, and pre-paid services to eight destination countries and a Europe bundle, covering 26 countries.

The IPO comprises an offer for sale of 15,172,540 equity shares from promoters and existing shareholders. The promoters — Gagan Deep Singh Dugal, Manjit Singh Dugal and Urvashi Kaur — have proposed to offer 25.64 lakh shares, while Aleta and AAJV Investment Trust plan to offer 1.26 crore shares, the company said in its Draft Red Herring Prospectus (DRHP) filed with SEBI.

IIFL Holdings and Religare Capital Markets are the book running lead managers to the issue, while Link Intime is the registrar to the offer.

Matrix Cellular will not receive any proceeds from the offer, it said in the filing.

“The entire proceeds, after deducting relevant offer expenses, will be paid to the selling shareholders,” it added.

It had posted ₹217.35 crore in total revenue for the nine months ended December 31, 2014, while its revenue from operations stood at ₹213.78 crore.

With the mobile penetration increasing across the globe and declining prices pushing the volumes up, there is an anticipated positive growth for the overall global mobile revenues contributed particularly by the emerging regions in Asia Pacific, the company said in the DHRP, quoting a Frost & Sullivan report.

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