Hyderabad-based SKS Microfinance, announced a price band of Rs. 850-995 for its upcoming Initial Public Offer (IPO) that will open for subscription on Wednesday, July, 28, 2010.

As per reports, the microfinance firm aims to raise around $353 million by issuing 16,791,579 ordinary equity shares, consisting of 7,445,323 fresh equity shares and resale of 9,346,256 equity shares currently held by few investors including Sequoia Capital India II LLC, Kismet Microfinance, Mauritius Unitus Corporation, SKS Mutual Benefit Trust – Jogipet, SKS Mutual Benefit Trust – Sangareddy, SKS Mutual Benefit Trust - Narayankhed, SKS Mutual Benefit Trust - Medak, and SKS Mutual Benefit Trust – Sadasivapet.

The issue is scheduled to open on July 27 for anchor investors and remain opened till July 30 for Qualified Institutional Buyers (QIBs) and August 2 for non-institutional and retail investors.

As reported by a CRISIL last year, on basis of number of borrowers, branch network, and amount of loan outstanding SKS Microfinance is currently the largest microfinance entity in the country.

Shares of SKS Microfinance will be listed on both the major stock exchanges in the country, the Bombay Stock Exchange and the National Stock Exchange.