Micromax hires Citi, others for $150 mn IPO?

MUMBAI, INDIA: India's mobile phone handset maker Micromax Ltd has shortlisted Citigroup , Edelweiss and JM Financial for an initial public offering to raise as much as $150 million, two sources with direct knowledge said on Thursday.

Indian handset brands grab 14 p.c. mkt share

The share offering could be launched towards the end of this year and the documents to seek the market regulator's approval is likely to be filed next month, the sources, who declined to be named as they were not authorized to the media, told Reuters.

Micromax could not be immediately reached for comments.

Indian firms have raised a total of about $14 billion through share sales so far this year from 74 issues, compared with $16 billion raised in 2009 from 89 offerings, according to Thomson Reuters Data.

A strong market debut for Indian lender SKS Microfinance, which counts U.S. billionaire George Soros as one of its investors, on Monday boosted prospects of more such offers in the world's largest market for small loans.