Micromax to raise Rs. 705 crore via IPO

Mobile phone handset maker Micromax Ltd has shortlisted Citigroup, Edelweiss and JM Financial for an initial public offering (IPO) to raise as much as $150 million (R705 crore), two sources with direct knowledge said on Thursday.

The share offering could be launched towards the end of this year and the documents to seek the Securities and Exchange Board of India\’s (SEBI\’s)  approval is likely to be filed next month, the sources said on conditions of anonymity.

Micromax executives could not be immediately reached for comments.

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