Mumbai, June 10 -- Non-banking finance company Muthoot FinCorp has begun discussions with bankers to raise about Rs.4,000-5,000 crore through an initial public offering that may value the company between Rs.25,000 crore and Rs.28,000 crore, three people familiar with the matter said.

Muthoot FinCorp, which operates under the Muthoot Pappachan Group, is in talks with several domestic and global advisors, including Kotak Mahindra Capital, although no formal appointments have been made, one of the people cited above said on the condition of anonymity.

"The initial feelers from the market suggest that the company will be valued in the Rs.25,000-28,000 crore range. However, it's early days and valuation discovery is still ongoing," a second ...