Micromax hires citi, others for R705-cr public issue

Mobile phone handset maker Micromax Ltd has shortlisted Citigroup, Edelweiss and JM Financial for an initial public offering (IPO) to raise as much as $150 million (R705 crore), two sources with direct knowledge said on Thursday.

Mobile phone handset maker Micromax Ltd has shortlisted Citigroup, Edelweiss and JM Financial for an initial public offering (IPO) to raise as much as $150 million (R705 crore), two sources with direct knowledge said on Thursday.

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The share offering could be launched towards the end of this year and the documents to seek the Securities and Exchange Board of India's (SEBI's) approval is likely to be filed next month, the sources said on conditions of anonymity.

Micromax executives could not be immediately reached for comments.

Domestic companies have raised a total of about $14 billion (R65,800 crore) through share sales so far this year from 74 issues, compared with $16 billion (R75,200 crore) raised in 2009 from 89 offerings.

A strong market debut for SKS Microfinance, which counts US billionaire investor George Soros as one of its investors, on Monday boosted prospects of more such offers in the world's largest market for small loans.