Inventure Growth & Securities, the flagship company of Inventure Group, today announced price band of Rs 100 to Rs 117 per equity share for its initial public offer (IPO) of 7 million equity shares of Rs 10 each.
The issue opens for subscription for all bidders on July 20, 2011 and closes on July 22, 2011. The issue is being made through 100% book building process.
"The price band of the issue has been fixed at Rs 100 to Rs 117 per equity share of Rs 10. The company is expected to raise Rs 70 crore at lower price band and Rs 81.80 crore on upper price band of the issue," Intensive Fiscal Services Vice President (Investment Banking) Brijesh Parekh said.
Major portion of the IPO proceeds will be utilised as an investment in one of the subsidiaries Inventure Finance and for augmenting long-term working capital requirements, Parekh said.
The equity shares of the company are proposed to be listed on the BSE and NSE. Intensive Fiscal Services is the sole book running lead manager of the IPO.