India-based mobile maker Maxx Mobile is palnning for an initial public offering (IPO). If Times of India report is to be believed than the company plans to raise Rs 800 crore through the IPO in the next nine months. The company will use the money raised from the IPO to set up its mobile handset manufacturing unit and start a retail venture.
"Maxx Retail will be a multi- brand store stocking mobile phones and mobile related offerings scheduled to open in Delhi in a 5,000-square-feet area. The retail store will stock competitor brands and sell phone connections and offer sales service," TOI quoted the company as saying.
Maxx Group, which manufactures mobile accessories like batteries and charges in its Haridwar facility, plans to start manufacturing handsets in a Pune facility.
After Micromax, this is the second Indian brand which is planning to list its stocks. Maxx reported a revenue of Rs 1,200 crore till December 2010.