Transrail Lighting's IPO to open on Dec 19; price band at Rs 410-432

Transrail Lighting Ltd on Monday fixed a price band of Rs 410-432 per share for its Rs 839-crore Initial Public Offering (IPO) that opens for subscription on December 19.

The initial share-sale is scheduled to close on December 23 and the bidding for anchor investors will open for a day on December 18, the company announced.

The company's proposed IPO is a combination of a fresh issue of shares worth Rs 400 crore and an offer for sale of 1.01 crore equity shares by a promoter Ajanma Holdings Private Ltd.

At present, Ajanma Holdings holds a 83.22 per cent stake in the Mumbai-based company.

At the upper end of the price band, the IPO size has been pegged at Rs 839 crore and a market capitalisation of nearly Rs 5,600 crore.

Proceeds from the fresh issue will be used to fund incremental working capital requirements, to support capital expenditure and for general corporate purposes.

Half of the issue has been reserved for qualified institutional buyers, 35 for retail investors and the remaining 15 per cent for non-institutional investors.

Further, investors can bid for a minimum of 34 shares and in multiples thereof.

Transrail Lighting is one of the leading Indian Engineering, Procurement and Construction (EPC) companies with a primary focus on the power transmission and distribution business and integrated manufacturing facilities for lattice structures, conductors, and monopoles.

It has a footprint in more than 58 countries.

Inga Ventures, Axis Capital, HDFC Bank and IDBI Capital Markets & Securities are the book running lead managers to the issue.