Niraj Cement IPO opens on May 26 in price band of Rs 175 – 190 per share
Mumbai-based Niraj Cement Structurals, an engineering and construction company, is all set to float a public issue of 32,50,000 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process.
The price band has been fixed at Rs 175-Rs 190 per equity share. The issue will open on May 26 and will close on May 30.
The issue comprises a reservation for eligible employees of 3,25,000 equity shares and net issue to the public of 29,25,000 equity shares. The issue would constitute 31.42% of the total post issue paid-up equity capital of the company.
The issue has been graded by CARE and has been assigned the `IPO Grade 1` indicating poor fundamentals.
The issue would constitute 31.42% of the total post issue paid-up equity capital of the company.
The book running lead manager to the issue is Allbank Finance Limited and Intime Spectrum Registry Limited is registrar.
