Mumbai, June 5 -- Kuku Technologies Ltd has confidentially filed for an initial public offering (IPO), seeking to raise between Rs.2,500 crore and Rs.3,500 crore, according to two people familiar with the matter. This makes it the latest company looking to capitalize on investor interest in India's fast-growing micro-drama market. The proposed IPO will comprise both a fresh issue of shares and an offer for sale (OFS). Proceeds from the issue will be used to invest in technology and artificial intelligence (AI) infrastructure, content production and geographic expansion, the people said. While the contours of the offering could evolve before listing, the company's existing investors are currently expected to sell only a portion of their holdings through the IPO, one of the people cited above said. "The investors continue to be bullish on the growth of the company and the sector, and will likely hold on to a large part of their shareholding. It is likely to be a 50-50 OFS and fresh issue IPO," the person added. The company, which operates vernacular audio platform Kuku FM and short-drama app Kuku TV, is targeting a valuation of up to Rs.15,000 crore ($1.8 billion) when it lists later this financial year, the people cited above said....