Megatherm Induction IPO: Price Band Set at Rs 100-108/share

New Delhi, Jan 20 (PTI) Machinery maker Megatherm Induction on Saturday said it has fixed a price band of Rs 100 to Rs 108 per share for its Initial Public Offering (IPO).

The issue will open for public subscription on January 25 and conclude on January 30, the company said in a statement.

The public issue is entirely a fresh issue of 49.92 lakh equity shares, it said.

At the upper-end of the price band, the company aims to raise about Rs 53.91 crore from the public issue.

The company's shares are scheduled to list on the NSE Emerge platform.

The sole book-running lead manager to the issue is Hem Securities Ltd, while Bigshare Services Pvt Ltd is the registrar for the IPO.

The issue proceeds will be utilized in funding capital expenditure towards construction of a factory shed and installation of additional plant and machinery, to meet working capital requirements and general corporate purposes.

Megatherm Induction is a subsidiary of Megatherm Electronics.

The company also manufactures upstream and downstream equipment and machinery for steelworks, such as transformers, ladle refining furnaces, continuous casting machines, fume extraction systems, etc., as well as electric arc furnaces for the alloy and special steel industry.