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July 26, 2010 6:54 AM EDT
The much-awaited SKS Microfinance has fixed the price band of its IPO between 850 and 985 rupees each for an issue of 16,791,579 equity shares constituting 21.6% of the fully diluted post issue paid-up capital of the company.
The IPO will be opened from Wednesday, July 28, 2010 and closes on Monday, August 2, 2010.
With more than 5.3 million borrowers, SKS Microfinance is India's largest microfinance institution that is going public for the first time in microfinance segment. The only other major microfinance institution that went public was Mexico's Campartamos.
The issue will open for anchor investors on July 27. Book will be remained open till July 30 for QIBs and August 2 for retail and non-institutional investors, said a statement.
The issue consists of a fresh issue of 7,445,323 equity shares and also 9,346,256 equity shares owned by prime promoter Sequoia Capital India II LLC, besides SKS Mutual Benefit Trust - Narayankhed, SKS Mutual Benefit Trust - Jogipet, SKS Mutual Benefit Trust - Medak, SKS Mutual Benefit Trust - Sadasivapet, SKS Mutual Benefit Trust - Sangareddy, Kismet Microfinance and Mauritius Unitus Corporation.
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The equity shares will be listed on the National Stock Exchange of India and the Bombay Stock Exchange.
The lead managers to the Issue are Kotak Mahindra Capital, Citigroup Global Markets India, and Credit Suisse Securities (India).
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