Edelweiss Capital IPO to open on Nov 15

Investment banking firm Edelweiss Capital's initial public offering (IPO) will open on November 15 and close on November 20. 

The company is set to raise Rs 700 crore for funding the operations of its unlisted securities arm Edelweiss Securities Ltd (ESL).

The Mumbai based company has proposed to issue 84 lakh shares in the price range of Rs 725-825, as per the prospectus submitted to the Securities and Exchange Board of India (SEBI).

About Rs 378 crore of the proceeds will be used for upgrading the operations of ESL, the prospectus says. Edelweiss Capital also proposes to invest Rs 57 crore from the IPO proceeds for funding its own operations.