Mumbai: Fitness chain Talwalkars Better Value Fitness announced that its 77.4-crore initial public offering (IPO) will open on Wednesday. The company plans to issue 60.5 lakh equity shares through the issue. The price band has been fixed at 123-128 a share. The company estimates that the total cost involved for setting up of the health clubs would cost approximately 50.2 crore. "We already have 58 health clubs in 28 cities across India grown at a 5-year CAGR (ending March 31, 2009) of 57 percent. Apart from what is planned with the IPO proceeds, we have another 11 health clubs at different stages of implementation," said Prashant Talwalkar, Managing Director and CEO. The issue will constitute 25.09 percent of the fully diluted post issue capital of the company. The qualified institutional buyers have been allotted 50 percent of the shares, high net worth individuals 15 percent and retail 35 percent. The proceeds from the issue will be used for setting up of 27 owned health clubs during the current fiscal. The shares will be listed on the BSE and NSE. India Infoline is the book running lead manager to the issue.