Gremach Infra IPO opens

Gremach Infrastructure Equipments & Projects Limited, a provider of construction and earthmoving machineries, has entered the capital market on March 8, with a public issue of Rs 59 crore.

The offer is being managed through a 100 per cent bookbuilding process, including reservation of Rs 5.9 crore in equity for the company's employees.

The price band has been fixed at between Rs 75 and Rs 90 per equity share at a face value of Rs 10 each. The issue will close on March 14. R R Financial Consultants is the bookrunning lead manager for the issue, while Chartered Capital & Investment Ltd. is the co-lead.

Fifty per cent of the net issue size will be allocated to Qualified Institutional Buyers (QIBs), and at least 15 per cent of the issue will be available for allocation on a proportionate basis to non-institutional bidders.

At least 35 per cent of the issue will be allocated on a proportionate basis to retail individual bidders subject to valid bids being received at or above the issue price.