MUMBAI: Sejal Architectural Glass Ltd has set a price band of Rs 105-115 per equity share for its initial public offer (IPO), which opens on June 9.
The proceeds would be used to part-finance the setting up of a new manufacturing facility for production of float glass and general corporate purposes.
The glass processing house is entering the capital market with an issue of 91,94,155 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process.
The issue, constituting 32.84% of the fully diluted post-issue capital of the company, will close on June 12.
At least 50% of the net issue will be allocated on a proportionate basis to qualified institutional buyers, 5% to mutual funds, 15% to non-institutional bidders and 35% to retail individual bidders.
The shares are proposed to be listed on the National Stock Exchange and Bombay Stock Exchange.
Sejal Architectural Glass started commercial operations in 2000-01 with a processing facility for insulating glass and added another process for toughened glass in 2001. It added an automated lamination line in January 2007 and has also moved into other value added glasses, including decorative glass.
It has been a profit-making company since inception. The company’s existing plant is located in Silvassa, Dadra & Nagar Haveli. It now proposes to set up a new manufacturing facility for float glass with a capacity of 2,00,750 tonnes per annum in Bharuch, Gujarat. It has already acquired 6,08,540 sq mt of land for this backward integration project and Larsen & Toubro has been awarded the contract for executing the construction and civil works.
Saffron Capital Advisors Pvt Ltd is the sole book running lead manager.
