A2Z Maintenance IPO to open on Dec 8

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A2Z Maintenance IPO to open on Dec 8

EPC services provider A2Z Maintenance and Engineering Services' initial public offering (IPO) is set to open for subscription during December 8-10, 2010. The company has fixed a price band at Rs 400-410/share.

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Engineering, procurement and construction (EPC) service provider A2Z Maintenance and Engineering Services' initial public offering (IPO) is set to open for subscription on December 8. The company has fixed a price band at Rs 400-410/share and issue will close on December 10.

It comprises fresh issue of Rs 675 crore by the company and an offer for sale of upto 4,556,193 equity shares of Rs 10 each at the issue price by the selling shareholders. Upto 1 lakh equity shares will be reserved for subscription by employees, who will get shares at 5% to the issue price

The company will not receive any proceeds from the offer for sale. Fresh issue will be used for investment in three biomass (bagasse)-based power cogeneration projects of 15 MW each in the State of Punjab; investment in five biomass-based power generation projects of 15 MW each in the State of Rajasthan; investment in subsidiaries; repayment of a loan granted by L&T Infrastructure Finance Company Limited (L&T Infrastructure Finance) to the company; and working capital requirements.

IDFC Capital Limited, DSP Merrill Lynch Limited, Enam Securities Private Limited, ICICI Securities Limited and SBI Capital Markets Limited are book running lead managers to the issue. Yes Bank is co-book running lead manager.

A2Z Maintenance have been providing services to the power transmission and distribution sector with a focus primarily on the distribution segment.