Micromax hires Citi, others for $150m IPO
Mobile phone handset maker Micromax Ltd has shortlisted Citigroup, Edelweiss and JM Financial for an initial public offering to raise as much as USD 150 million, two sources with direct knowledge said on Thursday.
The share offering could be launched towards the end of this year and the documents to seek the market regulator’s approval is likely to be filed next month, the sources, who declined to be named as they were not authorised to the media, told Reuters.
Micromax could be immediately reached for comments.
Indian firms have raised a total of about USD 14 billion through share sales so far this year from 74 issues, compared with USD 16 billion raised in 2009 from 89 offerings, according to Thomson Reuters Data.
A strong market debut for lender SKS Microfinance, which counts US billionaire George Soros as one of its investors, on Monday boosted prospects of more such offers in the world’s largest market for small loans.
Source:- Moneycontrol
