Midfield Industries IPO on Monday

HYDERABAD: Industrial packaging consumables maker Midfield Industries today said it is expecting to raise Rs 55-60 crore through an IPO, which will be open on Monday.

The company proposes to offer 45 lakh equity shares of Rs 10 each through 100 per cent book building process. The price band has been fixed at Rs 126 to Rs 133 a share and the issue closes on July 21, said M Madhu Mohan Reddy, the promoter of Midfield, here today.

"The issue would constitute 35.10 per cent of the fully diluted post issue paid-up capital of the company. Brickwork Ratings India Pvt Ltd has assigned 'IPO grading 2' to the issue."

Atherstone Capital Markets Limited is the Book Running Lead Manager to the Issue and Bigshare Services Pvt Ltd is the Registrar to the Issue, Reddy told media persons.

Midfield proposes to utilise the part of the net proceeds of the issue to fund the expansion of its existing plants as well as to set up new manufacturing facilities.

The company intends to expand its current manufacturing facilities at Hyderabad, Mumbai and Roorke while setting up a new VCI paper facility at Hyderabad and a High Tensile Steel Strapping facility at Sharjah, the promoter said.

The company's turnover for the year ended March 31 stood at Rs 90.4 crore and PAT at Rs 8 crore.