Upto $500 Million planned to be raised by Micromax

micromax-a115-canvas-3d-1The second-largest smartphone maker in India, Informatics, is trying to raise about $ 500 million through a stock market listing. Starting from April, they are looking forward to making a lot of money through this medium. Micromax, which entered the Indian market in 2008 with cheap mobile phones, which have large screens, will sell a minority stake at the initial public offering of the share trading. They also named a lot of financial institutions interested in such shares.

In terms of making money, there is no doubt that Micromax can easily make up that money. The company was shortlisted by Morgan Stanley, as well as Goldman Sachs to manage the offering. Reports also state that Micromax expects a valuation of 14 times the operational profit. As far as responding to the newspaper agency goes, they have not been able to elicit a response from the top management of Micromax. The company also did not comment on the speculation in the market.

The company that was backed by the private equity firm, TA Associates, as well as Sequoia Capital has been hiring banks since 2010 for an initial public offering, to raise as much as $150 million from the market. However, they had to let go of the plans, due to poor market sentiment. So now, they are want to increase their market outreach, making sure they gain a substantial amount of money from this IPO. They will have to do a lot to get to a dominating position and secure the money.

Source: – Business Insider

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