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India's Arohan Financial Services eyes IPO

India-based Arohan Financial Services Ltd. plans to launch an IPO in the next 12 to 15 months, Mint reported Sept. 10, citing Manoj Kumar Nambiar, the company's managing director.

The microfinance firm is working toward a potential listing, which would depend on regulatory approvals and the market environment, Nambiar said.

In addition, promoters Aavishkaar and Intellecap, which together own 24% of Arohan Financial, as well as a number of existing investors, will inject 3.50 billion rupees into the company by the end of October. The funds will be used to strengthen the company's capital adequacy to fund expansion in the country's low-income states.

Following the infusion, the promoters' shareholding in Arohan Financial will increase to 36%.

Arohan Financial's existing investors include Michael and Susan Dell Foundation, Tano Capital, Maj Capital and Aavishkaar Goodwell II.

As of Sept. 10, US$1 was equivalent to 72.54 Indian rupees.