Bangalore: Micromax, Indian mobile handset manufacturer, is reviewing its initial public offer (IPO) plans to help its private equity investors to sell a part of their stake, reports Economic Times.

PE funds Sequoia Capital, Sandstone Capital and Madison India Capital who jointly bought about 6 percent stake in the company for 200 crore, will soon be appointing investment banks to complete the issue in 2013 after it was withdrawn in July 2011.

SEBI (Securities and Exchange Board of India) had approved Micromax’s offer proposal to sell 10 percent stake or 2.15 crore shares for Rs 426 through a public offer in 2011 valuing the company at roughly $1 billion.

"This time the company plans to go ahead with a different set of investment banks and there are chances of some of the old ones being replaced by new banks," an investment banker acquainted with the matter said.

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