Acropetal Tech fixes Rs 88-90 price band for IPO

IT and BPO firm Acropetal Technologies today said it has fixed price band of Rs 88-90 a share for its Rs 170 crore initial public issue.

The floor price has been fixed 8.8-9 times up from the face value of Rs 10 per share, according to an information available on the company's website.

The public issue is scheduled to open on February 21 and close on February 24, it said.

The funds raised through the initial public offer would be utilised business expansion within the country and abroad, including setting of up a software development centre-cum-corporate office at Hosur Road, Bangalore.

 

The funds would also be used to make part repayment of term loans and additional working capital requirements.

Saffron Capital Advisors Private is the sole book running lead manager to the issue.

The company had filed its Red Herring Prospectus with the Securities and Exchange Board of India (Sebi) on February 2.

Acropetal Technologies had recently entered into a partnership with SAP India to increase its presence in the government and small and medium business segment.

This partnership allows Acropetal to expand its customer reach to an ever growing market and addressing their requirements with joint sales and marketing initiatives.

Acropetal Technologies offer comprehensive enterprise solutions in the engineering design services, healthcare, and energy and environment sectors.