Pradip Overseas fixes IPO price band at Rs 100-110

Home linen products maker Pradip Overseas today said it has fixed the price band of its initial public offer (IPO) between Rs 100 and Rs 110 per share. The company is hitting the capital markets with an issue size of 1.06 crore equity shares of Rs 10 each and the IPO opens on March 11. At the upper end of price band, the company would be able to raise up to Rs 116.6 crore, while at the lower end the IPO is valued worth Rs 106 crore. The IPO closes on March 15. The public issue is based on 100 per cent book-building process. Pradip Overseas intends to use the IPO proceeds to part finance a manufacturing facility in a textile SEZ and partly fund the incremental margin money requirement for working capital. Anand Rathi Advisors is acting as the sole book running lead manager to the offer. Pradip Overseas is a textile maker with niche focus on home linen products. The company's existing facility is located at Changodar near Ahmedabad in Gujarat.