Innoventive Industries sets IPO price band at Rs 117-120 per share

MUMBAI: Multi product engineering company Innoventive Industries today said it has fixed a price band of Rs 117-120 a share for its up to Rs 219.58 crore initial public offer, which will begin for subscription on April 26.

The Pune-based company had yesterday said it plans to raise up to Rs 219.58-crore from its initial public offer ( IPO).

The issue, which will open on Tuesday, will close on April 28 for qualified institutional buyers (QIB) to whom up to 50 per cent of the issue will be allotted on a proportionate basis, the company said in a statement.

Subscription for retail and non-institutional investors will close on April 29, it said.

Innoventive Industries may consider anchor investors for up to 30 per cent of the QIB portion.

The company intends to utilise the net proceeds of the issue towards capacity expansion of its manufacturing facility located at Pimple Jagtap in Pune, repayment of term loans and general corporate purposes, it added.

The equity shares of the company are proposed to be listed on the BSE and NSE.

Axis Bank Limited and Avendus Capital Private Limited are the book running lead managers to the issue.

Innoventive is engaged in the business of manufacturing and sale of precision steel tubes, tubular components, auto components, machined components and other steel products, he said.