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Indian microlender files IPO draft papers

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Indian microlender files IPO draft papers

India's Spandana Sphoorty Financial Ltd. on June 25 filed draft papers with the country's securities regulator for its planned IPO.

The microlender plans to sell up to 4 billion Indian rupees of new shares in the IPO. Meanwhile, existing shareholders plan to sell up to 13,146,595 of their shares alongside the IPO, according to its draft red herring prospectus.

Axis Capital Ltd., ICICI Securities Ltd., IIFL Holdings Ltd. and JM Financial Ltd. are acting as global coordinators and book-running managers for the IPO, while IndusInd Bank Ltd. and YES Securities (India) Ltd. are serving as book-running lead managers.

As of June 25, US$1 was equivalent to 68.13 Indian rupees.