Inventure Growth & Securities plans IPO to raise Rs 80 crore

MUMBAI: Broking firm Inventure Growth & Securities Ltd, the flagship company of the Inventure Group plans to raise around Rs 70-80 crore through an initial public offering (IPO).

"The company has received SEBI nod for its IPO to raise around Rs 70-80 crore through an offer of 70 lakh equity shares of Rs 10 each via the 100 per cent book building route. The IPO will hit the market in third week of July 2011," Inventure's Chairman and Managing Director, Nagji K Rita told reporters here .

The IPO proceeds will be utilised for investing Rs 30 crore in subsidiary firm Inventure Finance and Rs 20 crore for augmenting long term working capital requirement among others, according to the DRHP.

Inventure offers various services like trading in equity-cash and derivatives market, PMS, debt market and currency futures segment among others. It was promoted by Nagji Rita, who was a member of the governing board of the BSE between 2004 and 2006.