Lohia Corp's ₹1,102 cr IPO to open on July 23; price band at ₹404-425 per share
AI Summary
Lohia Corp Ltd has announced a price band of ₹404-425 per share for its ₹1,102 crore IPO, which will open for subscription from July 23 to July 27. The IPO consists entirely of an Offer for Sale (OFS) and will not generate proceeds for the company, with shares allocated primarily to Qualified Institutional Buyers (75%).
Industrial machinery manufacturer Lohia Corp Ltd on Monday said it has fixed a price band of ₹404-425 per equity share for its upcoming Initial Public Offering (IPO), valuing the company at around ₹4,500 crore at the higher end.
The company's ₹1,102 crore IPO will open for public subscription on July 23 and conclude on July 27, while the bidding for anchor investors will open on July 22, according to a public announcement.
The IPO is entirely an OFS of up to 2.59 crore equity shares by existing shareholders. Since the issue is an OFS, the company will not receive any proceeds from the public offering.
At the upper end of the price band, the IPO is valued at around ₹1,102 crore.
Investors can bid for a minimum of 35 equity shares and in multiples thereafter.
Qualified Institutional Buyers (QIBs) have been allocated 75 per cent of the net offer, while 15 per cent has been reserved for Non-Institutional Investors (NIIs) and 10 per cent for retail investors.
The equity shares are proposed to be listed on the BSE and NSE on or around July 30.
Equirus Capital and Motilal Oswal Investment Advisors are the book-running lead managers to the issue, while MUFG Intime India is the registrar.
Original Article
Published on Hindu BusinessLine