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Micromax Informatics Soon to Dial Dalal Street for Rs 3,100-crore IPO

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Micromax Informatics, one of India’s top mobile phone makers, has begun shortlisting investment bankers to manage an initial public offer to raise as much as $500 million (Rs 3,170 crore) in the domestic market by diluting a minority stake in the next financial year starting April, bankers said.

According to people familiar with the development, the closest competitor to Samsung for the top spot in India’s fast-growing smartphone space had sought ‘requests for proposal’ from various bankers, termed a beauty parade in industry parlance, and has shortlisted Morgan Stanley and Goldman Sachs for taking the IPO forward.

A top company executive told ET on condition of anonymity that “deliberations on listing” on Indian bourses were ongoing and bankers had approached with proposals. In March last year, one of the four co-founders, Vikas Jain, had said that the company was looking to revive its public offer plans provided a stable government took charge. Original post at ET Telecom

Wahengbam Rorrkychand

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