Idea Cellular on Wednesday said it is "seriously evaluating" going for an initial public offering in the domestic market as part of efforts to fund its expansion plans, although a decision on the issue is yet to be taken.

"We are actually ramping up our subscriber base at a rate higher than planned, and hence, we are considering different sources of funding, including an IPO. We are seriously evaluating an IPO in the domestic market to fund our expansion plans," Vikram Mehmi, CEO of Idea Cellular, told PTI in New Delhi.

The company is yet to take a decision on the issue, he said.

Idea's existing subscriber base stands at about 2.2 million.

"The markets are doing well and the overall stock market sentiments are positive and India is shining. We are evaluating and will go to the market, if possible," he said.

Mehmi, however, declined to comment on the timing for an IPO or the modalities.

"We are also evaluating the fund requirement for growth and acquisitions," he said.

Idea Cellular, which operates cellular services in Andhra Pradesh, Delhi, Gujarat, Maharashtra and Madhya Pradesh circles, is a three-way venture between A V Birla Group, Tata Group and AT&T Wireless.