SKS Microfinance, the largest microfinance institution in India, announced a price band of Rs 850 to Rs 985 for its initial public offering (IPO) that will be open for subscription between July 28 and August 2. Retail investors will get a better deal as the company is offering them a discount of Rs 50 on the allotment price.
The company will raise between Rs 1,427 crore and Rs 1,653 crore through the issue. At the higher end the microfinance major will be valued at Rs 7,652 crore, thus it will make it the 18th most-valued company among 41 listed banking companies.
The public issue for qualified institutional buyers will close for subscription on July 30. The issue contains a fresh issue of 7,445,323 equity shares and an offer for sale of 9,346,256 equity shares by Sequoia Capital India II LLC, SKS Mutual Benefit Trust, among others.