Affle Holdings is a Singapore-based has finally received the go-ahead signal from the capital market regulator the Securities and Exchange Board of India to float an IPO of its Indian unit. The Indian unit 0 Affle Holding is expected to raise the fund around INR 650 crore through the initial public offer, merchant banking sources said.

The company had filed the draft papers with the market regulator in July month seeking the clearance to launch an initial public offer and obtained the “observations” from the Sebi on 19th October. This public offer comprises an offer for sale around 55 Lac equity shares and a fresh issue of equity shares worth INR 90 crore by Affle holdings.

The lead managers of this company’s public issue are ICICI Securities & Nomura Financial Advisory & Securities (India). The proceeds will be utilized to meet the working capital requirements and other general corporate purposes.