Micromax looks to market
Fast-growing Indian smartphone maker Micromax is looking at a potential $500 million IPO in April, around 14-times operating profit (which seems a rather quaint and old-fashioned way to talk about valuations nowadays). Micromax only launched its first handsets in 2008 but was second only to Samsung in terms of sales in the third quarter of last year with a 20% market share (compared to the Korean giant’s 25%).
Micromax last month launched its new Cyanogen OS smartphone, Yureka, in India via its Yu Televentures unit. To promote the new handset, the company rolled out its Apps for Yu challenge aimed at getting local developers to create apps for the Cyanogen platform, which is based on Android.