India’s number two smartphone company by marketshare Micromax has plans to go to IPO soon. This is according to Reuters who have a reported figure of $500 million as reported by Economics Times newspaper.
The company is said to be eyeing April for the time to hit the bourse where they will sell a minority stake in the 6 year old company. Micromax is one of India’s fastest growing mobile companies and is also local to India, selling low cost mobile phones in the market.
The company has seen tremendous growth over the last few years, and even made it’s venture into the Windows Phone business. The company is also one of the chosen companies by Google to sell the low cost Android One smartphones in a bid to get the vanilla Android experience in low cost device. It entered the market in year 2008 and had in 2010 set plans to raise $150 million in an IPO, an idea they shelved based on market evaluation. The company is back now with a bigger bid.
Micromax has not outrightly accepted that this is the case when reached out to for comment by both Reuters and Economic times, but you bet that before April when it’s reported they hit the stock exchange, we will most probably have seen more in this regard. Also it wont be surprising, should they succeed in the IPO, them going regional to other big markets like rival Xiaomi is doing.
