Sejal Architectural IPO opens for subscription

Sejal Architectural Glass, a glass processing house in India, will open for subscription today with an initial public offering (IPO) of 91,94,155 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process.
 
The price band has been fixed between Rs 105 and Rs 115 per equity share. The issue, constituting 32.84% of the fully diluted post issue capital of the company, will close on June 12, 2008. The equity shares are proposed to be listed on National Stock Exchange of India and Bombay Stock Exchange.
 
Of the total issue, at least 50% of the net issue will be allocated on a proportionate basis to qualified institutional buyers. Also, 5% of the qualified institutional bidders portion will be available for allocation on a proportionate basis to Mutual Funds only. Further, up to 15% of the net issue will be available for allocation on a proportionate basis to non-institutional bidders and up to 35% of the net issue will be available for allocation on a proportionate basis to retail individual bidders.

The objects of the issue are to raise capital for part financing the funds required for setting up of a new manufacturing facility for the production of float glass and general corporate purposes.

The company's existing plant is located in the Union Territory of Dadra & Nagar Haveli, District, Silvassa. The company proposes to set up a new manufacturing facility for float glass with a capacity of 2,00,750 MT per annum in Bharuch district, Gujarat.

Saffron Capital Advisors Private Limited is the sole book running lead manager to this issue.