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Micromax files prospectus for IPO of 2.15 crore shares

By SiliconIndia   |   Thursday, September 30, 2010
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Bangalore: Indian mobile handset maker Micromax Informatics is all set to hit the capital market with an initial public offer of 2.15 crore shares. The company has filed the draft prospectus with Securities and Exchange Board of India (SEBI) and may consider a discount of 10 per cent on the IPO issue price for retail investors. As per the details available with the draft red herring prospectus (DRHP), the company may also consider participation by anchor investors. The firm is raising funds for establishment of a new handset manufacturing plant, enhancement of the Micromax brand and investment in acquisitions and other strategic initiatives and for general corporate purposes. The company posted revenues of Rs. 1,600 crore and a net profit of Rs. 150 crore in 2009-10. JM Financial, Citigroup, Edelweiss and Nomura are the book running lead managers to the issue.
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