Radio frequency systems and solutions company Microqual Techno is close to sealing private equity funding of $20 million by August-end for expansion, a top company official said.
“This is the second round of PE funding for us and we plan to raise USD 20 million by August-end from 3-4 leading PE players,” Microqual Techno's CEO Mahesh Choudhary said here.
In mid-2007, the company had raised USD 10 million from three players– NEA-IndoUS Ventures, JAFCO Asia and BTS India Fund.
The three existing investors will participate in this round of funding as well, apart from a couple of new investors, Choudhary said.
Post the fund-infusion, the PE investors will hold a 48 per cent stake in Microqual Techno.
The company is proposing an IPO of Rs 250-300 crore by mid-next year to raise resources to fuel its expansion and also to give an exit route to its existing investors.
“We are mulling an IPO by June-July next year but a final call will be taken after considering the prevailing market conditions,” Choudhary said.
Microqual Techno also plans to enter the Wimax segment in a big way and is already in talks with a few companies for providing active and passive components.
It is also planning European acquisitions in this space.
Source: Economic Times