Prakash Constrowell fixes IPO price at Rs 130-138

MUMBAI: Infrastructure developer Prakash Constrowell today fixed the price-band for its Rs 60-crore initial public offering ( IPO) in the range of Rs 130-138 per share.

The company said the issue will hit the markets on Monday and investors have to bid in lot of 50 shares and its multiples. The issue will close on September 21.

Prakash Constrowell operates in three segments - infrastructure development, civil construction, and residential and commercial real estate construction.

"The IPO proceeds will be utilised to meet working capital requirement, investment in equipment and subsidiaries besides meeting the general corporate purposes and public issue expenses," it said.

Intensive Fiscal Services is the sole book running lead manager to the issue.

As of June 30, the order book of the company stood at Rs 151 crore and is spread across the construction sectors in which it operates.