Micromax Likely To Raise $500 Million IPO
BENGALURU: With the coming in of New Year and financial year beginning in April 2015, the business world is already gearing up for the new start. With tough competition prevailing in the Smartphone market Micromax has already started its preparation to be in the competition and emerge as a winner.
However the company already has a position of being India’s second largest Smartphone maker.
Micromax is planning to sell a minority stake in its initial public offering of shares and has cited unnamed bankers and a company executive. As the report on Firstpost says: The company has shortlisted Morgan Stanley and Goldman Sachs to manage the offering, the report said, adding that Micromax expects a valuation of 14 times its operating profit.
In 2010 Micromax had planned to rise close to $150 million but later had to drop the plan owing to poor market then. Coming strong headed in this New Year, Micromax is all up with plans to execute the plan and raise profitable amount as much as $500 million through IPO and stock market listing. Let’s wish the best to the hopes of the Company.
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