Plastic products manufacturer Manika Plastech Ltd is set to launch its Initial Public Offering (IPO) on September 11 to raise ₹125.5 crore from investors.
The price band has been fixed at ₹40-43 per share, valuing the company at around ₹501 crore at the higher end.
The public issue comprises a fresh issue of ₹92.5 crore and an Offer For Sale (OFS) of 76.74 lakh shares aggregating ₹33 crore at the higher end.
This takes the total issue size to ₹125.5 crore.
The company proposes to utilise the net proceeds from the issue for the purchase of plant and machinery; repayment and/or pre-payment, in part or full, of certain borrowings; and general corporate purposes.
The IPO will close for subscription on September 16 and the bidding for anchor investors will conclude on September 10, according to a public announcement.
The shares are proposed to be listed on both BSE and NSE on September 21.
Pantmoth Capital Advisors is the book-running lead manager to the issue, while MUFG Intime India is the registrar.