Microsec Financial Services today said it is planning to come out with an initial public offer and has filed draft papers with market regulator the Securities and Exchange Board of India (Sebi) in this regard.
The company has filed its draft red herring prospectus (DRHP) with the Sebi for an IPO of 12.5 crore shares of Rs 10 each, at a price range to be determined through book building process, Microsec Financial Services said in a statement.
Microsec provides various financial products and services to various target clients. The issue constitutes 39.3 per cent stake.
The company intends to utilise majority of the proceeds towards the expansion of its financing business, it said.
The company is also raising funds to expand its network of branches and enhance existing technological capacities of the broking business, it added.
SBI Capital Markets is the sole book running lead manager to the issue.