Mumbai, (The Financial Express): Idea Cellular Limited, an Aditya Birla Group company, which is entering the capital market with an intial public offer (IPO) aggregating Rs 2,125 crore of equity shares of Rs 10 each, has fixed the price band for the issue between Rs 65 and Rs 75 per equity share. The issue opens on February 12 and closes on February 15, 2007.

In the recently concluded pre-IPO placement, the Aditya Birla group has already picked up shares worth Rs 362 crore, of which Rs 225 crore comes from the Aditya Birla Nuvo group. Idea Cellular currently operates in eleven circles in the country and has a subscriber base of 12.44 million. The company has obtained licenses and paid the license fees for two more circles, Mumbai and Bihar, the roll out of which is expected to be completed in 2007. The company has invested about Rs 1,900 crore for network enhancement, infrastructure and marketing activities for the current operating circles. “The eight established circles contribute about 47% to India’s total cellular subscriber base,” said Idea Cellular CEO Sanjeev Aga.