MIC Electronics fixes issue price at Rs 150/share

MIC Electronics Ltd. has fixed the offer price of its 15 lakh share initial public offering at Rs 150 per share.

The offer was made through a 100 per cent book-building process in the price band of Rs 129-150 per share. The public offer constitutes 25.34 per cent of the company's fully diluted post-issue paid-up equity capital.

The IPO was subscribed over 50 times, receiving an overwhelming response from foreign institutional investors and domestic mutual funds.

The company plans to use the issue proceeds for mainly setting up additional facility for LED video modules at Cherlapally in Hyderabad and Roorkee. Part of the funds will also be used for acquisition of US-based company, InfoSTEP.