Mumbai: The 85 lakh shares initial public offering (IPO) of Tarapur Transformers, part of power engineering solutions provider Bilpower, has opened for subscription. The public issue is based on a 100 percent book building process. The price band for the issue is between 65 and 75 per share. The issue will close on April 28. Out of 85 lakh shares, 42.5 lakh shares reserved for qualified institutional buyers portion; 12.75 for non institutional portion and the balance 29.75 lakh shares for retail portion. The company is engaged in the business of manufacturing, rehabilitation, up-gradation, and refurbishment of transformers ranging from power & distribution transformer, rectifier transformer, furnace duty transformer, electric locomotive transformer, electric traction substation transformer, dry type transformer, potential transformer, special purpose transformers. It manufactures transformers up to 220KV class, having an installed capacity of manufacturing of 1839.40 MVA and repairing of 1800 MVA per annum. For the period of nine months ended on December 2009, the company has reported net profit of 1.55 crore on total income of 22.88 crore. It has debt of 18.89 crore on its books for the same period. The book running lead manager to the issue is Comfort Securities and Bigshare Services is the registrar.