Apollo Micro Systems sets IPO price band at Rs 270-275; to raise Rs 1.56 bn

The IPO will open on January 10 and close on January 12

Apollo Micro Systems Ltd on Thursday said it has fixed a price of Rs 270-275 per share for its initial share sale offering, through which it is estimated to raise Rs 1.56 billion

The initial public offer (IPO) will open on January 10 and close on January 12, Apollo Micro Systems said in a statement.

Proceeds of the issue will be used to meet additional working capital and other general corporate purposes.

"The IPO of Rs 1.56 bil the ion of face value of Rs 10 each for cash at a premium will be offered through a book-building route at a price-band of Rs 270-275 per equity share," Apollo Micro Systems said.

Further, a discount of Rs 12 on the issue price will be offered to retail investors and to eligible employees.

The company offers integrated solutions to the aerospace, defense, home land security and transportation sectors.

The equity shares are proposed to be listed on BSE and NSE. Further, Aryaman Financial Services is the sole book running lead manager to the issue.

As of November, the company's order book stood at Rs 975 million.