Micromax plans up to Rs 3,170-crore IPO: Report

New Delhi: Micromax Informatics, India's second-largest smartphone maker, plans to raise as much as Rs 3,170-crore through a stock market listing in its financial year beginning in April, a report by the Economic Times suggested.The
micromax plans up to rs 3 170 crore ipo report -...
India TV Business Desk January 05, 2015 9:33 IST

New Delhi: Micromax Informatics, India's second-largest smartphone maker, plans to raise as much as Rs 3,170-crore through a stock market listing in its financial year beginning in April, a report by the Economic Times suggested.

The report said the company has shortlisted Morgan Stanley and Goldman Sachs to manage the offering. Micromax is expecting a valuation of 14 times its operating profit.

Micromax started its operations in 2008 by Rajesh Agarwal, Rahul Sharma, Sumeet Kumar and Vikas Jain, and over the years it has grown to be the third largest mobile handset maker by sales in the country.

Data from research firm Gfk for the months of July, August and September, showed that the home grown Micromax is at the second spot (after Samsung) with over 18 per cent share.

 
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