Indo-MIM said to cut IPO size to $420 million in July launch

Indo-MIM is preparing to launch its IPO in July with a reduced target raise of around $420 million, about 40% lower than the earlier $700 million plan postponed in March amid geopolitical tensions. The offer comprises a 10 billion-rupee ($104 million) fresh share sale and an offer for sale of about 129.7 million shares, representing roughly 26% of equity. Axis Bank, Kotak Mahindra Capital, SBI Capital Markets, ICICI Securities, and HDFC Bank are advising on the issue.