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| SKS Microfinance IPO to open on July 28 |
| BS Reporter / Mumbai Jul 21, 2010, 00:59 IST |
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 SKS Microfinance’s initial public offering (IPO) of 16.8 million equity shares would open on July 28, company officials said on Tuesday. The price band will be announced on July 26. This will be the first IPO of a microfinance institution (MFI) in India.
Vikram Akula, the founder and the chairperson, who owns 3.8 per cent in the company as employee stock options, said he had sold 25 per cent of his stake to a private equity firm.
The issue consists of a fresh issue of 7.45 million equity shares and an offer for sale of 9.35 million equity shares by the company’s shareholders.
After the issue, public shareholding in the company will be 21.6 per cent, while Sequoia Capital’s stake will come down to 15.1 per cent from 22.3 per cent now. The issue will close on July 30 for qualified institutional buyers and on August 2 for applicants in retail and non-institutional categories. The company is considering offering a discount to retail investors.
SKS Microfinance is the country’s largest MFI with a loan book of Rs 4,300 crore. The company is also likely to consider participation by anchor investors. This issue has been graded by CARE as CARE IPO Grade 4, indicating above average fundamentals. The book running lead managers to the issue are Kotak Mahindra Capital, Citigroup Global Markets India and Credit Suisse Securities.
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