Micromax to Raise as Much as $104 Million in IPO, Document Says

Micromax Informatics Ltd., an Indian maker of mobile phones, plans to raise as much as 4.68 billion rupees ($104 million) in an initial public offering, according to a sale document obtained by Bloomberg News.

The company may offer 21.5 million shares for 187 rupees to 217 rupees each starting in the third week of this month, according to the document.

The Gurgaon-based company is selling a 10 percent stake, according to its filing to the capital markets regulator in September. JM Financial Ltd., Citigroup Inc. (C), Edelweiss Capital Ltd. (EDEL) and Nomura Holdings Inc. (8604) are managing the IPO, according to the filing.

Micromax is holding talks with potential investors ahead of the IPO in the U.S. this week, Dow Jones reported earlier today. Two calls to the company’s headquarters weren’t answered.

To contact the reporter on this story: Ruth David in Mumbai at rdavid9@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net

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