City-based Microsec Financial Services Ltd, a non-banking financial company which has received a strong response to its maiden public offer, has said it is open to acquisitions and will invest Rs 120 crore for organic growth.
"We are open to acquisitions as we are looking at organic and inorganic growth in broking and financing activities," Microsec Chairman B L Mittal told PTI.
The company will invest around Rs 113 crore in loan against share activities and Rs 8 crore in subsidiary Microsec Capital to set up 200 additional retail broking branches across the country in the next two years, he said.
At present, the brokerage firm has 239 branches in the country, of which 178 are in West Bengal.
The public offer through the book-building route, which opened on September 17, has been oversubscribed 1.5 times.
The price band for the IPO is Rs 113-118 and the public issue of 1,25,00,000 equity shares of Rs 10 each will close on September 21.
