Piramyd Retail IPO in Rs 120-140 band

Piramyd Retail has fixed a price band of Rs 120-140 for its initial public offering (IPO) of 90 lakh shares scheduled to open for subscription on November 10.

This was announced by Urvi A Piramal, chairperson of Pyramid Retail, at a press meet in the city today.

The proceeds of the IPO would be used to triple the company's business in the next two and half years by setting up 12 additional mega stores and 69 trumart stores at various locations in the country, Piramal said.

The issue includes a fresh issue of 50 lakh shares and promoter contribution of 40 lakh shares.

Enam, DSP Merrill Lynch and Edelweiss Capital would be the book running lead managers to the issue.