Electrosteel Steels fixes IPO price band at Rs 10-11 per share

NEW DELHI: Electrosteel Steels today fixed the price band for its initial public offering, which opens on September 21, at Rs 10 to Rs 11 per share.

The offering will close on September 23 for institutional investors and on the next day (September 24) for non-institutional and retail buyers, it said in a public announcement.

The company is entering the capital market with an issue size of 22,55,16,188 shares and has a green shoe option of up to 3,38,27,428 equities. At the upper end of the price range, the IPO is valued at about Rs 248 crore.

Enam Securities, Edelweiss Capital Ltd and SBI Capital Markets are the book running lead managers to the issue.

The company, promoted by Electrosteel Castings Ltd, is engaged in the business of steel.

Meanwhile, Cantabil Retail India today fixed the price band for its own Rs 105 crore IPO in the range of Rs 127 to Rs 135 per equity. The Cantabil IPO opens on September 22 and will close on September 27, it said in a public announcement.

The retail firm intends to utilise the IPO proceeds to set up a manufacturing plant and expand its retail network, among other things.