Excel Infoway IPO opens today; price band Rs 80-85/sh.
Excel Infoway has opened for subscription today with an initial public offering (IPO) of 56,67,000 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process. The issue will close on July 17. The price band has been fixed at Rs 80-85 per share.
The company may raise around Rs 45.34-48.17 crore from this issue and the issue will constitute 26.77% of the fully diluted post issue paid up capital of the company. The promoters holding will be 70.52% post the issue.
The company will utilise the money received from the issue for setting up new facilities and for strategic investment or joint ventures. And the rest of the money will be utilised for general corporate purpose and issue expenses.
The company had made a Pre-IPO Placement of 33,000 equity shares to various investors on June 1, 2009 at a price of Rs 100 per equity share (including a premium of Rs 90 per equity share). Due to this the size of the public issue has reduced to 56,67,000 equity shares as against 57,00,000 equity shares proposed in the DRHP. Accordingly issue would constitute 26.77% of the fully diluted post issue paid up capital of the company as against 26.93% proposed in the DRHP.
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