Alkem IPO price band set at 1,020-1,050 rupees per share

Indian drugmaker Alkem Laboratories has set the indicative price band for its initial public offering at between 1,020 rupees ($15.33) and 1,050 rupees ($15.78) a share, the company said in a statement on Tuesday.

At the top end of the price band, the offering by Alkem will raise as much as $202.89 million and will value the company at about $1.89 billion, Reuters' calculations showed.

The issue will be open to cornerstone investors on Monday, and a day later for retail investors. The offering will close on December 10, Alkem said in its red herring prospectus on Friday.

($1 = 66.5200 Indian rupees)