Advit Jewels has set price band for its upcoming initial public offering at 130 rupees to 138 rupees per share, Mint reported Monday.
At the upper end of the band, the company plans to raise up to 1.65 billion rupees, the report said.
The issue will open for subscription on June 23 and close on June 25, according to a company document filed with Securities and Exchange Board of India last week.
The Jaipur-based jewelery company's IPO is entirely a fresh issue of 11.9 million shares, with no offer-for-sale component, the document said.
Investors can bid in lots of 100 shares, Mint noted.
The company plans to use 650 million rupees from the proceeds for working capital needs and another 65 million rupees for repayment or prepayment of borrowings, the report said. The rest will be used for general corporate purposes, it added.
The issue allocation includes up to 50% for qualified institutional buyers, at least 15% for non-institutional investors and a minimum 35% for retail individual bidders, Mint said.
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