IMImobile, the mobile technology company founded by Vishwanath Alluri and Shyam Bhat, has announced its plans to list on London’s Alternative Investment Market — the city’s listing venue for small- and medium-sized companies.

IMImobile, which is now headquartered in London, is seeking to raise about £30 million (₹300 crore) to drive growth, explore new opportunities, and consolidate, the company announced on Friday.

While the company is yet to publish its admission document, entrance to the AIM can be speedy once a company has applied for a listing, and can take place in a matter of weeks. The AIM and the wider London market have proved particularly attractive to technology companies seeking to raise funds: 36 technology groups went public on the AIM and the LSE’s Primary Market last year, raising over 1 billion GBP.

“We are excited about the benefits of being an AIM quoted company and believe that the company’s admission to AIM and the placing will further support our growth ambitions,” said Jay Patel, CEO.

“We are well placed to deliver sustained long-term revenue and profit growth.”

IMImobile used to be headquartered in Hyderabad where it was founded by Alluri and Bhat, who handed it over to Patel, a long-term executive in the firm.

A $100-million firm till two years ago, the firm provides value-added services to over 100 operators across the globe with 650 employees worldwide. For the year ending March 2013 sales hit 38.5 million pounds, with an EBITDA of 6.1 million pounds.

Till now IMImobile has kept a low public profile. The firm has written to the employees, asking them not to talk about the public issue plans.

(With inputs from KV Kurmanath, Hyderabad)

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