Gravita India fixes Rs 120-125 price band for IPO

Jaipur-based lead manufacturer Gravita India Ltd has fixed a price brand of Rs 120-125 per equity share for its initial public offer (IPO), which opens on November 1, the company president M C Mehta said here today.

"Lead is the second most recycled metal in the world and is also most widely used across in industrial sectors, especially automobiles," Mehta told reporters here today while announcing the IPO of his company.

According to Mehta, over Rs 45 crore from the IPO, which ends on November 3, would be utilised towards setting up of expansion of manufacturing facility at Jaipur and new facility at Wada in Maharashtra.

"With the growth in the automobile industry and use of batteries world wide, the demand for lead has increased over the years, which has made this business one with endless prospects," he added.

Besides this, the company  will also be investing around Rs 18 crore in their overseas ventures in countries like Sri Lanka, Senegal and Honduras, he said.

Mehta said following the expansion and new ventures company's current manufacturing capacity of 13,000 tonnes annually would rise to 20,000 tonnes per year.

Gravita India Ltd manufactures lead metal using recycling and smelting process, besides it also makes other lead-based products and lead alloys.