Micromax plans to raise Rs 3,162 cr via IPO

India's second-largest smartphone manufacturer, Micromax Informatics, plans to raise around $500 million (approximately Rs 3,162 crore) through a stock market listing at the beginning of the financial year, The Economic Times reported on Monday.

The relatively young company only entered the market in 2008, and due to its affordability, it quickly skyrocketed to popularity. According to the report, the company will sell a minority stake during the initial public offering of shares. The ET report cited unnamed bankers as well as a company executive.

The report went on to state that Micromax has shortlisted Morgan Stanley and Goldman Sachs to manage the offering and expects 14 times the valuation of its operating profit.

In 2012, the smartphone firm had hired banks for an IPO and went on to raise as much as $150 million (about Rs 948 crore).

During the September quarter of last year, India's smartphone market grew by a rate of 64 per cent, while Samsung had 25 percent of the share, Micromax surprised many by grabbing a 20 per cent share, according to a research.