SKS Microfinance raises $342 million in Indian IPO

The deal is 13.7 times subscribed and prices at the top of the range as SKS attracts investors interested in loans to the poor.

SKS Microfinance, the largest and fastest growing micro-lender in India, raised Rs16.29 billion $342 million in an initial public offering after pricing its shares at the top of an indicated range. The book was 13.7 times subscribed by investors interested in microfinance.

The SKS Microfinance IPO was a test case in more ways than one. In recent years many have come to view the microfinance MFI business as risky, if not suffering from an outright bubble. Near 100% loan...

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