Press Trust of India / Mumbai Feb 15, 2010, 20:53 IST
Man Infraconstruction today said it will hit the capital market with an initial public offer (IPO) on February 18 and has fixed the price band between Rs 243 and Rs 252 per equity share.
The company provides construction services for port infrastructure as also residential, commercial and road projects.
"The face value of equity share is Rs 10 each. The price band is Rs 243-Rs 252 per equity share of Rs 10 each. The company would raise Rs 142 crore at the upper-end of the price band and Rs 137 crore at the lower band," its Executive Director Suketu Shah told reporters here today.
"The company will utilise the IPO proceeds to purchase capital equipment and for general corporate purposes," he said.
The company proposes to get listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
"Current value of orders which are yet to be executed stands at Rs 2,020-crore, 3.8 times the sales of FY09. We have a good track-record of growth and hope the issue will attract investors," Shah said.
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