Realty firm Nitesh Estates today fixed the price band of its initial public offer at Rs 54-56 per share.
The Rs 405-crore IPO of the Bengaluru-based real estate developer will open on April 23, it said in a statement.
The issue will close on April 27 and is based on 100 per cent book building process
. The company plans to utilise the IPO proceeds to fund its existing subsidiaries and the associate company, for repayment of loans, redemption of debentures and for general corporate purposes.
Incorporated in 2004, Nitesh Estates is primarily engaged in development of residential projects in Bengaluru. It is in process of diversifying into development of shopping malls and is expanding its reach to Chennai, Goa and Hyderabad.
ICICI Securities, Enam Securities, Kotak Mahindra Capital Company and JM Financial Consultants are the book running lead managers to the issue.
Shares offered through the IPO are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange.