Micromax Informatics, an India-based mobile handset maker, has reduced the size of its IPO from US$150m to US$104m because of difficult market conditions, according to the Wall Street Journal.
The company is reportedly looking to offer 21.5 million…
Micromax Informatics, an India-based mobile handset maker, has reduced the size of its IPO from US$150m to US$104m because of difficult market conditions, according to the Wall Street Journal.
The company is reportedly looking to offer 21.5 million shares at a price range of between Rs187 (US$4.15) and Rs217 (US$4.82).
Micromax is looking to use the proceeds of the issue to set up a new factory and to invest in marketing.
Back in September last year, Micromax sold a minority stake to three private equity firms, Sandstone Capital, Sequoia Capital and Madison India Capital, for about Rs2bn (US$44m).
The company said at the time it was looking to continue introducing new products and extending the company’s reach beyond India.
