SKS Microfinance IPO: What Went Wrong?

            
 
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Case Details:

Case Code : LDEN075
Case Length : 26 Pages
Period : 2000-2011
Pub Date : 2011
Teaching Note : Available
Organization : SKS Microfinance
Industry : Microfinance
Countries : India

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.



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Excerpts

Microfinance and India

After India gained independence in 1947, the Indian government realized the need to have accelerated all-round economic growth to be able to serve the aspirations of its citizens...

SKS Microfinance

By 2010, SKS had become the fastest growing MFI in the world and was the largest microfinance sector player in India.As per interim reports furnished by SKS...

Leadership and Entrepreneurship Case Studies | Case Study in Management, Operations, Strategies, Leadership and Entrepreneurship, Case Studies

SKS’s Strategy and Business

With a mission to eradicate poverty and a vision to serve 50 million households across India, SKS microfinance operated as a financial service provider primarily for poor women. Its corporate anthem -flying on, marching ahead was a reflection of its strategy to achieve its mission and vision with the operational aim of using its channels to provide goods and services that the poor needed.

IPO and The Market Debut

SKS‘s IPO hit the market with a bidding price range of Rs. 850 to Rs. 985 for an equity share having a face value of Rs. 10. Many thought this to be expensive with a post issue P/E of 35x being on the lower side and 41x being on the higher side for a post issue 2010 EPS of Rs. 24.28 -At Rs. 850 a share, the implied valuation for the firm is 3.8 times post-issue book value (net worth) and 35 times the earnings of fiscal 2010, which appears quite expensive,29 observed Pankaj Agarwal, analyst at the UK-based investment advisory firm Execution Noble (EN).

Excerpts cont.. - Next Page>>

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