SKS IPO in India to Open July 28

The SKS initial public offering, the first such issue by any microfinance company in India, will be launched between July 28 and July 30, sources close to the development said today. It is expected to generate as much as Rs 1,300 crore (US$277million).

"The company has received approval from the Securities and Exchange Board of India and, most probably on Monday, it will file the red herring prospectus," sources said.

The Hyderabad-based firm is entering the primary market with 1.69 crore (US$360,000) equity shares of Rs 10 each (US$0.22), and expects to raise funds in the range of Rs 1,200 (US$256million) crore to Rs 1,300 crore (US$277million), they added.

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