The company has lined up plans to raise Rs 2500 crore via listing on the bourses. The IPO plans are currently being taken forward vigourously. All formalities are expected to be over by the month-end.

According to a report, the initial public offer of Idea will also be a first for the Aditya Birla group into the public market after nearly a decade. The group had recently got the nod from the Foreign Investment Promotion Board (FIPB) for 74 per cent foreign direct investment (FDI) in Idea, it may be recalled.

With the IPO on the anvil, Idea has filed its red herring prospectus with the Securities and Exchange Board of India (Sebi) for the book-built offer. It has already divested 33 per cent stake to handful of investors such as US-based Providence Equity Partners, ChrysCapital, UK-based TA Associates, GLG Partners and Citigroup. The company shed 47 per cent and the remaining equity is with the promoter company, Aditya Birla.

The company plans to channel the funds that flow in due to the IPO to establish its telecom network in the Bihar and Mumbai circles by mid-2007. It also has plans to go mainstream with its National Long Distance licence in the next three months, reports quoting a senior company official said.

Idea eyes a bigger share of he telecom pie and has lined up mega plans to turn a market leader in 13 circles, which it intends to operate through organic growth once listed.