Spandana Sphoorty Financial Limited, an Indian microfinance institution, is evaluating an initial public share offering (IPO) following the recent launch of SKS Microfinance’s IPO, the first IPO by an Indian microfinance institution.
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MICROCAPITAL BRIEF: Mexican Microfinance Institution (MFI) Banco Compartamos Releases Non-Audited Financial Results for Second Quarter 2010 Reporting Significant Growth
Mexican microfinance institution (MFI), Banco Compartamos, has announced its non-audited financial results for the quarter ended June 30, 2010 (2Q10). All figures were reportedly prepared in accordance with the requirements of the Comision Nacional Bancaria y de Valores (CNBV) and are expressed in nominal pesos.
MICROCAPITAL BRIEF: Unitus Equity Fund Investment in SKS Microfinance Valued at $60m, Partial Exit Expected This Week
Unitus Equity Fund, a privately-funded microfinance investment fund affiliated with Unitus Inc., a United States-based nonprofit, is reportedly expected to reduce its shareholdings in SKS Microfinance this week by selling approximately 1 million shares during SKS Microfinance’s initial public offering (IPO), which has been covered by MicroCapital several times since March 29, 2010.
MICROCAPITAL BRIEF: SKS Microfinance Launches India’s First Initial Public Offering (IPO) by a Microfinance Institution
SKS Microfinance has launched India’s first initial public offering (IPO), anticipation of which stretches at least back to a report by MicroCapital on March 29, 2010.
MICROCAPITAL BRIEF: India’s SKS Microfinance Raises $64m in Share Allotment Ahead of Initial Public Offering (IPO)
SKS Microfinance reported it has raised INR 2.98 billion (USD 64 million) in a share allotment to 36 undisclosed anchor investors prior to its initial public offering (IPO) scheduled to open July 27, as was previously reported by MicroCapital on July 22, 2010.
MICROCAPITAL BRIEF: India’s SKS Microfinance to Double Employee Count Subsequent to Initial Public Offering (IPO)
India’s SKS Microfinance has recently announced that it is planning to expand capacity and double employee count to 42,000 by the end of the current fiscal year ending March 31, 2011, after the initial public offering (IPO) which is scheduled for July 27, 2010, as previously reported by MicroCapital on March 29, 2010.
MICROCAPITAL BRIEF: Quantum Hedge Fund Managed by George Soros Invests in India’s SKS Microfinance, Whose Initial Public Offering (IPO) is Imminent
The Quantum Group of Funds, which consists of several privately owned hedge funds based in the Netherlands and Cayman Islands and managed by George Soros through Soros Fund Management, has purchased 300,000 shares in SKS Microfinance from Yatish Trading Company Pvt Ltd, an Indian securities firm.
MICROCAPITAL BRIEF: India’s SKS Microfinance Sets Price for Pending IPO, Offers Discount to Retail Investors
As initially reported by MicroCapital on March 29, 2010, India’s SKS Microfinance has filed for an initial public offering, and it has recently announced that it is planning to raise INR 1,500 crore, or INR 15 billion (USD 317 million) through the IPO.
MICROCAPITAL BRIEF: Credit Rating and Information Services of India Ltd. (CRISIL) Rates Equitas Micro Finance Private Ltd ‘BBB/Stable’
The Credit Rating and Information Services of India Ltd. (CRISIL), an Indian agency, recently announced its ‘BBB/stable’ rating for Equitas Micro Finance Private Ltd., an Indian microfinance institution.
MICROCAPITAL BRIEF: Swadhaar FinServe Private Limited to Receive $5.9m in Equity from ACCION International, Unitus Equity Fund, Michael and Susan Dell Foundation, MicroVest, an Indian Family Trust and Swadhaar’s Promoter Group
Swadhaar FinServe Private Limited, a Mumbai-based microfinance institution (MFI) with total assets of USD 2.1 million as of 2008, recently announced that it will receive INR 27.5 crore (equivalent to USD 5.9 million) in equity from several different investor organizations and private investors.
MICROCAPITAL BRIEF: Dr Sanjay Sinha of M-CRIL Takes Issue with CGAP (Consultative Group to Assist the Poor)
Dr Sanjay Sinha, managing director at Micro-Credit Ratings International (M-CRIL), authored an article featured in Microfinance Focus in which he proposed changes to several of the ideas advocated by CGAP (Consultative Group to Assist the Poor), an independent policy and research center housed at the World Bank Group.
MICROCAPITAL BRIEF: Grameen Capital India Appoints Sanjay Nayar as New Director
Sanjay Nayar, the CEO of Kohlberg Kravis Roberts & Co (KKR) – a global alternative assets manager – has been named to the board of directors of Grameen Capital India, a Mumbai-based social business that promotes growth in the microfinance sector in India. Prior to joining KKR, Mr Nayar was the CEO of Citigroup India and South Asia.
MICROCAPITAL BRIEF: Microloan Default Risk Rises in India as SKS Microfinance Plans Initial Public Offering (IPO)
A trend in initial public offerings (IPOs) by microfinance institutions in India could potentially increase the risk of defaults by microborrowers. SKS Microfinance, an Indian microfinance institution, has recently filed to raise up to USD 250 million in an initial public offering (IPO), as initially reported by MicroCapital on March 9, 2010. This pending IPO is causing concern that an IPO trend in India could trigger a trend in microfinance institutions’ (MFIs’) funding sources, as reported by MicroCapital on June 16, 2010, which could raise the risk of loan defaults by pressuring MFIs to disburse riskier microloans.
MICROCAPITAL BRIEF: Credit Rating Agency Standard and Poor’s (S&P) Upgrades Mexican Microfinance Institution (MFI) Compartamos Banco
Compartamos Banco, a publicly-listed microfinance institution (MFI) based in Mexico, has been upgraded by credit rating agency Standard and Poor’s (S&P) to ‘mxAA’ and ‘mxA-1+’ for its long and short-term ratings, respectively. Compartamos Banco’s local bank bonds issued in August 2009, COMPART 09, were also upgraded to ‘mxAA’ and ‘mxA-1+’ with a ‘stable’ outlook.
MICROCAPITAL BRIEF: AccessBank, a Microfinance Institution (MFI) in Azerbaijan, Increases its Share Capital from $27m to $52m
AccessBank, a microfinance institution (MFI) in Azerbaijan, has increased its share capital from AZN 21.8 million, the equivalent of over USD 27 million, to AZN 41.8 million, the equivalent of over USD 52 million. This increase was achieved by capitalizing retained earnings.
MEET THE BOSS: Discussions on Microfinance Investment Vehicles (MIVs) and Impact Investing: Interview with Paul DiLeo, Co-Founder and Managing Partner of Grassroots Capital
Paul DiLeo, Managing Partner at Grassroots Capital, plays a role in attracting private capital to the company, creating investment vehicles to address market gaps and raising funding to support new initiatives. Mr. DiLeo launched and now co-manages the Global Microfinance Equity Fund and the Gray Ghost Microfinance Fund, which is a private, for-profit microfinance fund originally established to demonstrate the viability of microfinance investment. He obtained his bachelor’s degree from the University of Massachusetts (US), has a master’s degree from Boston University (US) and completed studies in business accounting and finance at New York University (US).
MEET THE BOSS: Discussions on Microfinance Investment Vehicles (MIVs): Interview with Gil Crawford, Chief Executive Officer of MicroVest Capital Management
Mr. Crawford is Chief Executive Officer of MicroVest Capital Management, responsible for the development, management and growth of MicroVest, including developing and implementing business development strategies and supervising investment deals. He led the launch of MicroVest I, LP, a commercial private equity vehicle focused on microfinance in North America. He has over 20 years of experience with microfinance institutions (MFIs) and capital markets and has worked in Latin America, Africa and Asia.
Previously, Mr. Crawford worked for the Latin American Financial Markets Division at the International Finance Corporation (IFC), created and ran Seed Capital Development Fund and was the Assistant Project Director for Africa Venture Capital Project. Mr. Crawford received his bank training at Chase Manhattan Bank in the mid 1980’s after working in Africa for the Red Cross and the US State Department. He graduated from Johns Hopkins University School of Advanced International Studies (SAIS) (US) in 1983 and Bates College (US) in 1980.
MICROFINANCE EVENT: C5 Hosts Conference and Workshop on Microfinance and Small Enterprise Investments in Eastern Europe and Central Asia
Event Name: C5’s Microfinance and Small Enterprise Investments Eastern Europe and Central Asia (EECA) Regional Summit
Event Date: April 15 – April 16, 2010
Event Location: Budapest, Hungary
Event Website: http://www.microfinanceeeca.com/
See Our Comprehensive Event Calendar Here: http://microfinanceassociation.ning.com/events
Cost: Prices range from GBP 399 to GBP 1598 (USD 620 to USD 2480). Prices vary with the type of organization the attendee represents and whether the attendee wishes to participate in the workshop in addition to, or instead of, the conference. See http://www.microfinanceeeca.com/price.html for more details
Summary of Event:
The two-day conference and workshop will address issues ranging from the effects of the global financial crisis on microfinance institutions (MFIs) to opportunities for commercial banks to begin offering microcredit.