Pradip Overseas fixes price band at 100-110 for IPO

Mumbai: Pradip Overseas, manufacturer of home linen products, has fixed the price band of its initial public offering at 100-110 per equity share of face value 10 each. The company is offering 1,06,00,000 equity shares aggregating to approximately 116.6 crore at upper end of the price band and 106 crore at the lower end of the price band.

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The company intends to use the proceeds of the issue to part finance a manufacturing facility in a textile SEZ, which is being developed by Pradip Overseas and to part finance the incremental margin money requirement for working capital. Anand Rathi Advisors is acting as the sole Book Running Lead Manager to the Offer while Link Intime is the registrar to the issue.

In addition to the sales in the domestic markets, Pradip Overseas products are exported in more than 20 countries (directly and indirectly). The company's current manufacturing capacity is 136.50 million metres per annum with an average capacity utilization of 92 percent. It is enhancing its capacities to 169.50 million metres per annum in order to meet the expanding demand.